# TriGate Completes Recapitalization of Condominium Developments in Silicon Valley, CA — TriGate Capital By TriGate Capital. Published 2020-10-06. > DALLAS, TEXAS – TriGate Capital recently completed the recapitalization of two condominium developments in Silicon Valley, California. TriGate provided… [![TriGate Capital](https://www.trigatecapital.com/site-assets/logo-white.svg)](https://www.trigatecapital.com/atlas.html)Firm [Overview](https://www.trigatecapital.com/atlas-about.html)[Our people](https://www.trigatecapital.com/atlas-team.html)[Careers](https://www.trigatecapital.com/atlas-careers.html) Approach [Investment philosophy](https://www.trigatecapital.com/atlas-strategy.html)[Investment platforms](https://www.trigatecapital.com/atlas-vehicles.html)[Retail](https://www.trigatecapital.com/atlas-retail.html)[Residential](https://www.trigatecapital.com/atlas-residential.html)[Industrial](https://www.trigatecapital.com/atlas-industrial.html) [Investments](https://www.trigatecapital.com/atlas-portfolio.html)[News](https://www.trigatecapital.com/atlas-news.html)[Contact](https://www.trigatecapital.com/atlas-contact.html)[Existing partners](https://www.trigatecapital.com/atlas-investors.html)[in](https://www.linkedin.com/company/trigate-capital-llc/) [Home](https://www.trigatecapital.com/atlas.html)/TriGate Completes Recapitalization of Condominium Developments in Silicon Valley, CA Capital solutions # TriGate Completes Recapitalization of Condominium Developments in Silicon Valley, CA Oct 6 2020 DALLAS, TEXAS – TriGate Capital recently completed the recapitalization of two condominium developments in Silicon Valley, California. TriGate provided preferred equity to a local sponsor in order to complete the development of two high-quality, affordable condominium projects located in a strong housing market. The transaction was TriGate’s first investment in TriGate Property Partners IV, L.P., which has significant dry powder for future investment. The opportunity presented itself due to the COVID-19 pandemic and resulting market disruption. The developments are approximately 85% to 90% complete and ran into financial duress as a result of government mandated shutdown orders and an inadequate capital structure to deal with the shutdown. TriGate worked jointly with the senior lender and sponsor to provide a creative solution by recapitalizing the projects with more equity, which allows both projects to resume construction and be completed over the next six months. TriGate believes these condominium projects are well positioned to capitalize on the demand in a strong housing market where there is a shortage of affordable housing. Adam Aultz, Senior Vice President at TriGate, said: “TriGate was able to quickly understand a complicated situation and work with multiple parties to provide equity on a short timeframe to allow construction to resume. We are excited to partner with the developer and senior lender, both new relationships for TriGate.” Marissa Bennett, Vice President at TriGate, added: “Given TriGate’s fully discretionary capital, we were able to meet the due diligence timeframe that the deal required and execute the transaction quickly.” About TriGate Capital TriGate Capital, LLC (“TriGate” or the “Company”) is a leading real estate investment manager focused on the recapitalization and repositioning of commercial real estate assets and companies. TriGate is based in Dallas, Texas and has completed investments throughout the United States. TriGate’s team has been responsible for acquiring over $11 billion of real estate assets through multiple types of transaction structures. The Company’s professionals have significant expertise in real estate operations, debt restructuring and asset and company recapitalization. TriGate has raised three fully discretionary real estate funds, TriGate Property Partners, LP (“Fund I”), TriGate Property Partners II, LP (“Fund II”) and TriGate Property Partners III, L.P. (“Fund III”), which are the vehicles through which TriGate conducts its investment strategy. Fund I has been realized, Fund II and Fund III are fully invested. TriGate is currently raising its fourth fully discretionary real estate fund, TriGate Property Partners IV, LP (“Fund IV”), and the fund is presently in its investment period. 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No optional tracking is enabled here. ## Images & property sources The property tour on the Investments page follows one continuous geographic imagery pyramid from Earth to aerial views of each property area. The photographs in the cards show the actual investments. Green outlines follow visible site and building edges in the aerial imagery. Crossroads highlights both of its buildings; the property photograph shows Building 100. Aerial dates: Florida, 2023; Nolen Farm and Dallas, 2022. The Nolen Farm card uses a newer community photograph. Investment locations are based on TriGate’s closed-deal records across the United States. Property-tour dots match their aerial views. - Homepage video: aerial footage of TriGate investments, provided by TriGate Capital. - [Shops at Wiregrass — property information](https://www.trigatecapital.com/atlas-investment-shops-at-wiregrass.html) Property photography: TriGate Capital. - [Crossroads Distribution Center — property information](https://www.trigatecapital.com/atlas-investment-crossroads-jacksonville.html) Property photography: TriGate Capital. - [Nolen Farm — property information](https://suncrestreal.com/communities/nolen-farm/) Community photography: Suncrest Real Estate & Land. - [Uptown at Cole Park — property information](https://www.trigatecapital.com/atlas-investment-uptown-cole-park.html) Property photography: Uptown at Cole Park official gallery. - Regional imagery: [USGS / The National Map Imagery Only](https://basemap.nationalmap.gov/arcgis/rest/services/USGSImageryOnly/MapServer) (NASA Blue Marble: Next Generation, Landsat and, around Dallas, earlier USDA NAIP), a static composite. Every imagery level is color-matched to the level above it so the zoom stays continuous; regional views are blended toward the Earth map’s colors. - Aerial imagery: [USGS / The National Map and USDA NAIP](https://imagery.nationalmap.gov/arcgis/rest/services/USGSNAIPImagery/ImageServer). - Earth and cloud maps: [Solar System Scope](https://www.solarsystemscope.com/textures/), based on NASA imagery. [CC BY 4.0](https://creativecommons.org/licenses/by/4.0/). Rendered on a 3D globe with animated lighting and clouds.