SAN FRANCISCO—Family owned Trinity Properties has owned the Trinity Place site since 1977 and began developing the property in its current format in 2007. Trinity Place Phases 1, 2 and 3 were completed in 2009, 2013 and 2017, respectively. The first three phases feature a 1-acre piazza with a 92-foot stainless steel sculpture, Venus, several stone art pieces, a walking path and a seating area.

The sponsor plans to start construction on Phase 4 this year, with an estimated completion date in early 2021. When complete, Trinity Place will be comprised of 1,900 residential units; 88,000 square feet of commercial space; and parking for up to 1,146 vehicles and 700 bicycles on a 4.07-acre site.

PGIM Real Estate Finance has provided two new loans totaling $275 million to refinance Trinity Place Phases 1 and 3. The 10-year refinancing loans, when combined with an already in-place $73 million loan on Trinity Place Phase 2, bring PGIM Real Estate Finance's total exposure to $348 million. PGIM has worked extensively with the sponsor during the last 20 years and has a strong working relationship with Trinity, GlobeSt.com learns.

Trinity Place is in the Mid-Market neighborhood near Twitter, UBER and other South of Market tech centers. The location provides access to tech shuttles, Muni, BART, and US-101 and 280 highways. Union Square, the San Francisco Westfield Centre, Orpheum Theatre and City Hall are nearby.

“Trinity Place is an iconic class-A apartment community for San Francisco,” said Jaime Zadra, principal and the transaction lead for PGIM Real Estate Finance. “Its location near downtown San Francisco makes it especially appealing to tenants. These features, combined with the strong sponsorship, made this an attractive financing for us.”

Phase 1 is a 440-unit 24-story apartment building with white appliances and granite countertops. Phase 2 is a 418-unit 22-story apartment building with black granite countertops, white finish appliances and wood cabinetry. Phase 3 is a 540-unit 19-story apartment building with Caesar-stone counters, large bathrooms with walk-in showers and walk-in closets.

Community amenities in each building include an exercise room, resident lounge, bicycle storage, mailroom, one laundry room on each floor and 24-hour doorman. Phase 3 also offers a sky lounge with a roof deck. An 871-stall parking garage serves residents of all three phases as well as daily and nightly parkers.

PGIM Real Estate Finance is the commercial mortgage finance business of PGIM, the $1 trillion global investment management businesses of Prudential Financial Inc.

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Trinity Place Has a Proposed 2021 Completion Date

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