Griffis’ Capital Plan Will Take The Post to Top-of-Market Quality
A $75 million senior loan was provided to Griffis Residential for the acquisition and repositioning of The Post, a 16-story 208-unit apartment property at 888 Western Ave. in downtown Seattle. At the intersection of the Central Business District, Waterfront and Pioneer Square submarkets, the property is within blocks of the Link Light Rail, Seattle Streetcar, Amtrak Cascades, King Street Station and the Seattle Ferry Terminal.
PCCP arranged the financing. The Post marks PCCP’s fifth transaction with Griffis.
“While the downtown Seattle apartment market has softened since the onset of the pandemic, PCCP believes it has recently established a positive trendline to recovery and the property is poised to undergo enhancements to management, operations and capital improvements,” said Dorian Farhang, vice president with PCCP.
The Post’s units feature quartz countertops, stainless steel appliances, floor-to-ceiling windows, and views of downtown Seattle, Elliott Bay and the Olympic Mountains. Griffis’ capital plan focuses on taking the finishes and amenities to top-of-market quality.
The Post is also set to benefit from Seattle’s ongoing Waterfront project. Spanning from Pioneer Square to Belltown, this Seattle project is a multi-year program to rebuild the area with the intent of creating a “Waterfront for All”.
- ◦Financing