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Group 71 - Seattle Student Housing

"The M"

The Group 71 target project involves the site demolition, abatement and remediation of a former Chevron gas station, and the development and construction of an approximately 230-unit student residence, associated parking, and 4,350 SF of retail space known as “The M” (“Project”). The CMB Infrastructure Investment Group 71 Limited Partnership (“CMB Group 71” or “the Partnership”) will serve as a lender to an affiliate of Fields Holdings, LLC (“FH”) to assist in the financing of the development and construction of the Project.

THE M STUDENT HOUSING DEVELOPMENT – SEATTLE, WA

The M will be a modern high-rise, off-campus, student housing development located on a .38-acre site within the University District, adjacent to the University of Washington in Seattle, Washington. The project site was, most recently, a former Chevron Company gas station. Gasoline service station operations began at the site in the 1910s and ceased in 2016. In order for the site to be redeveloped and rezoned for residential use, the developer, working in conjunction with Chevron, completed extensive soil and groundwater testing and cleanup as well as the removal of a previously abandoned 1,000 gallon underground storage tank.
 
As currently envisioned, the Project will feature modern furnishings and desirable amenities, including: a rooftop deck, indoor pool, fitness center, indoor basketball court, study room, lounge and first floor retail space. The 24-story residential tower will consist of approximately 230-units, 460 beds with a mix of studios and 1-5 bedroom units, along with 4,350 square feet of retail space, 27 underground parking spaces and a bike room with 86 stalls.
The M was designed for FH by NBBJ, which was founded in 1943 by Seattle architects Floyd Naramore, William J. Bain, Clifton Brady, and Perry Johanson. In 2010, NBBJ was recognized by Engineering News-Record Magazine as one of the most green friendly architecture firms in the United States. NBBJ has successfully completed projects such as; Boeing Commercial Airplane Headquarters, Tencent Headquarters, Heart Center Miller Pavilion, Stanford University Li Ka Shing Center for Learning and Knowledge, California Institute for Telecommunications and Information Technology UCSD Atkinson Hall building, Hangzhou Sports Park Stadium, and many more.
 
Within walking distance of the Project are attractions and restaurants such as: Henry Art Gallery, Neptune Theatre, AMC Seattle 10, U-District Famous Farmers Market and Morsel Coffee and Lounge. A large concentration of acclaimed restaurants and cultural venues are within close walking distance from the Project site.
Additionally, the Sound Transit U District Link light rail station is currently under construction on Brooklyn Ave between North 45th and NE 43rd streets, just one block south of the proposed Project. The station will provide quick access to the University of Washington’s medical campus, downtown Seattle, other metro neighborhoods and Sea-Tac airport. The U District Link light rail station is scheduled for completion in 2019, with service commencing in 2021.
 
Group 71 EB-5 loan proceeds will be utilized in all development and construction activities necessary to bring the Project into operation including but not limited to pre-construction development, site work including demolition and remediation of the former Chevron gas station, and both horizontal and vertical construction of the Project. The Partnership is not affiliated with FH or NBBJ.

PROJECT TIMELINE

Construction activity at the site commenced in 1st Quarter 2018 and is scheduled to achieve full completion by 4th Quarter 2020.

EB-5 Attributes

• Total EB-5 Loan: $27.5 million
• Total Project Spending: $103,541,924
• Estimated Jobs from Development & Construction: 871
• 58.4% Job creation buffer

Fields Holdings, LLC (Also Known as Pineview Development)

Eran Fields is the managing member of Fields Holdings. Mr. Fields is a licensed California attorney and developer whose experience includes the acquisition, entitlement, financing, development, marketing and operations of mixed-use residential/retail projects. Since 2008, FH has been primarily focused on mixed-use student housing projects at major universities, including the University of Southern California, University of California Santa Barbara, Cal Poly San Luis Obispo, University of Washington, Washington State University, University of Oregon, University of Florida, University of Missouri, University of Nevada Reno, University of Idaho and Boise State University, representing approximately 2M SF, over 4,000 beds and 50,000 SF of retail and an additional 1M SF of market rate apartments and retail in Los Angeles.

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