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.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
