Newmark announced today that it has arranged an approximately $300 million refinancing package on behalf of Trinity Properties, secured by eight multifamily communities throughout San Francisco totaling 1,154 units. The recapitalization is replacing debt that was previously originated between 2012 and 2013.
The communities include such landmark assets as 2000 Broadway, in the famed Pacific Heights neighborhood; 350 Union, atop Russian Hill with unobstructed views of the San Francisco Bay and Golden Gate Bridge; and Trinity Place II, the second phase of Trinity’s iconic 1,900-unit, mid-market development.
PGIM Real Estate Finance provided the financing for the nearly 98 percent leased portfolio, built between 1955 and 2013. The communities boast amenities including a 24-hour doorman, bicycle storage, resident lounges and amazing views of the City and Bay.
“Trinity’s institutional ownership and top notch management led to a financing process that attracted a variety of domestic and foreign capital providers,” said Daya, a Vice Chairman and head of the Debt and Structured Finance team for Newmark in Northern California and Pacific Northwest. “PGIM separated itself from the pack with aggressive terms and a keen understanding of San Francisco’s unique rent control environment and Trinity’s ongoing business plan.”
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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