If you can change query then it is simple:
select 'Unit TN=5321234564', regexp_replace('Unit TN=5321234564', 'TN=([0-9]{3})([0-9]{5})([0-9]{2})', 'TN=\1*****\3') from dual
(of course change regexp if your phone number is in other format)
If you cannot change query then rename original EXPLANATION
column to EXPLANATION_ORIG
, add EXPLANATION
column and add trigger changing INSERT'ed or UPDATE'd data to save original data into EXPLANATION_ORIG
and masked data into EXPLANATION
column.