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Trinity Secures $275 Million Refi for Trinity Place Apt. in Downtown San Francisco

PGIM Real Estate Finance Provides Two New Loans to Refinance Phase 1 and 3 of 1,900-Unit High-Rise Community
November 13, 2017
Trinity has secured two new loans totaling $275 million to refinance phase one and three of the company's Trinity Place apartment development located in downtown San Francisco.

PGIM Real Estate Finance, the commercial mortgage finance business of Prudential Financial's (NYSE: PRU) $1 trillion global investment management business, PGIM, provided the two 10-year refinancing loans, which when combined with an already in-place $73 million loan on phase two of Trinity Place raises PGIM's total investment in the complex to $348 million.

Trinity Place consists of the 440-unit, 24-story building at 1188 Mission St.; the 418-unit, 22-story building at 1190 Mission St.; and the 540-unit, 19-story building at 33 8th St. An 871-stall parking garage serves residents of all three phases as well as daily and nightly parkers.

A fourth phase is expected to break ground this year with a tentative completion date scheduled for early 2021.

"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, proximity to transportation systems, and new construction make it especially appealing to tenants. These features, combined with the strong sponsorship, made this an attractive financing for us."

Trinity Place is in San Francisco's Mid-Market neighborhood with access to tech shuttles, Muni, BART, and the US-101 and 280 highways, as well as nearby attractions such as Union Square, the San Francisco Westfield Centre, Orpheum Theatre and City Hall.
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