November 14, 2017
San Francisco PGIM Real Estate Finance provided two new loans totaling $275 million to refinance Trinity Place Phases 1 and 3 in downtown San Francisco. The 10-year 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 Trinity Place to $348 million.
Trinity Place includes:
– Phase 1, a 440-unit, 24-story apartment building
– Phase 2, a 418-unit, 22-story apartment building
– Phase 3, a 540-unit, 19-story apartment building
The three phases were completed in 2009, 2013 and 2017, respectively. The sponsor plans to start construction on Phase 4 this year, with an estimated completion date in early 2021.
PGIM Real Estate Finance is the commercial real estate mortgage finance business of PGIM, the $1 trillion global investment management businesses of Prudential Financial, Inc.
For comments, questions or concerns, please contact Dennis Kaiser