By Jon Peterson
Trinity Properties, founded by Angelo and Yvonne Sangiacomo in the early 1960s, has started construction on the fourth phase of the Trinity Place apartment complex in San Francisco. The newest phase of the complex is located at 1177 Market Street.
The property owner sees tremendous value in Trinity Plaza’s irreplaceable location. “It spans an entire side of 8th Street between Market and Mission, in the heart of San Francisco’s burgeoning Mid-Market district. It’s home to tech innovators including Twitter, Square and Uber. It is located within steps to BART and MUNI Civic Center stations, just one black from the EA and Google shuttle stops and is close to the 101 and 280 Freeway entrances. It’s across the street from the Orpheum Theater and close to the Westfield Shopping Center and Union Square. The phenomenal location and high-quality units and amenities allow residents working in San Francisco or elsewhere in the Bay Area the ability to enjoy all that San Francisco has to offer,” said James Goody, chief financial officer for Trinity Properties.
The initial work on Phase 4 was recently started. The expectation is that the new apartment complex will be open by June of 2021. There will be a total of 502 units in the complex with a mix of 1, 2 and 3-bedroom units developed over 17 stories. It will also have a three-story underground parking garage with 275 spaces and over 60,000 square feet of retail space.
Trinity Properties declined to comment on the construction cost of Phase 4. “Our construction financing is being provided by Wells Fargo Bank. We will obtain permanent financing after the project is completed,” said Goody.
According to a statement from PGIM Real Estate Finance from November 2017, the company 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 Trinity Place to $348 million. The company did not disclose if it was part of a group that worked with Wells Fargo on Phase 4.
Phase 1 is a 440-unit, class A, 24-story apartment building with unit amenities such as wood-style flooring, white appliances and granite countertops. Phase 2 is a 418-unit, class A, 22-story apartment building with unit finishes including wood-style flooring, black granite countertops, white finish appliances, and wood cabinetry. Phase 3 is a 540-unit, class A, 19-story apartment building with unit amenities including modern European appliances, high-end Caesar-stone counters, large bathrooms with walk-in showers, walk-in closets, and hardwood-style plank flooring. Community amenities in each building include an exercise room, residents lounge, bicycle storage, mailroom, one laundry room on each floor, and 24-hour doorman. Phase 3 also offers a sky lounge with a roof deck. An 871-stall parking garage serves residents of all three phases as well as daily and nightly parkers.
The entire 1,900-unit Trinity Place development has 231 affordable units and 360 rent controlled units.
The entire Trinity Place project has been over 40 years in the making. Angelo Sangiacomo purchase the Del Webb Townhouse Motel on 8th and Market in 1977. The property over the years has been redeveloped. The 440 units in Phase I was completed in 2010 and the 418-unit Phase II in 2013. Both of these properties have a current occupancy in the mid to high 90 percent. The 540-unit phase 3 was complete in March of 2017. It’s going through lease up with a current occupancy in the mid 80 percent