Trinity Properties Lands $300M Refi in San Francisco
PGIM Real Estate Finance provided the refinancing package on eight of the owner’s communities.
Trinity Properties has taken a $300 million refinancing package on eight of its communities in San Francisco. PGIM Real Estate Finance provided the loan, which retires existing debt across the 1,154-unit portfolio that was originated in 2012 and 2013.
The lender recently originated $87 million to refinance a 667-unit community near Detroit owned by Beztak Properties.
The portfolio includes the 13-story 2000 Broadway in San Francisco’s Golden Gate Park submarket. Built in 1974, the community contains studio, one-, two- and three-bedroom apartments and townhouse units with floorplans ranging between 550 and 1,240 square feet. As of September, the asset was 98.2 percent occupied, per Yardi Matrix data.
Another property is 350 Union, a 90-unit four-story building near Telegraph Hill and Chinatown. The community contains both studio and one-bedroom units, with floorplans of 450 and 500 square feet. On-site amenities include two laundry facilities and a sundeck, and covered parking is available for an extra monthly fee.
A Newmark Knight Frank team, led by Ramsey Daya, Jonathan Soffer, Chris Moritz and Travis Bailey represented Trinity in securing the debt.
Images courtesy of Yardi Matrix