Subsequent Event

9 Months Ended

Sep. 30, 2016

Note 12 – Subsequent Event

On October 13, 2016, the Company, through a wholly-owned subsidiary, formed a joint venture with an affiliate of Pacolet Milliken Enterprises, Inc. (“Pacolet”) in which each of Trinity and Pacolet will indirectly own a 50% interest. The joint venture entered into an agreement to acquire the property located at 223 North 8th Street, Brooklyn, or The Berkley, for $68,875,000. The Berkley is a newly constructed luxury multi-family property with 95 units encompassing approximately 65,000 rentable square feet. The Berkley has a 25-year 421-a real estate tax abatement, pursuant to which 20% of the units have been designated as affordable rate units and the remaining 80% of the units are market rate units. Pacolet and Trinity paid an initial deposit of $6,887,500 upon entry into the purchase agreement, which was funded equally by the joint venture members and is non-refundable other than upon seller default or failure of certain closing conditions to be satisfied. The acquisition of the Property is expected to close in the fourth quarter of 2016.