Seattle, Wash. — Capstone Development Partners and Harrison Street Real Estate Capital have closed on equity financing for an on-campus mixed-use development at Seattle University.
The 143,000-square-foot mixed-use development will include 300 beds of student housing and 16,000 square feet of office space to be used as administrative offices for the university. Financing for the $50 million development was completed under Capstone and Harrison Street’s P3+ development model. Construction on the project is already underway, with an opening scheduled for August 2018.
Ankrom Moisan Architects designed the project, which is being constructed by Howard S. Wright, a Balfour Beatty Company. Management of the development upon completion will be a collaboration between Seattle University Housing & Residence Life — which will provide residence life programming services — with Capstone and Harrison Street providing asset management and Blanton Turner providing facility maintenance services, all in a shared governance approach.