Safehold Inc. Closes on Ground Lease for Affordable Housing
Safehold Inc. (NYSE: SAFE), a pioneering company in the ground lease sector, has made significant strides by closing a ground lease for an affordable housing development. This new community will be located in Mission Valley, representing an essential development in today's housing landscape.
Affected Community and Project Details
The development will focus on creating a total of 227 housing units, anticipated to be ready by 2028. The project is set to be undertaken by The Pacific Companies, which has a proven track record in constructing affordable housing and has previously worked with Safehold.
Positive Impact on Affordable Housing
In statements regarding the deal, Steve Wylder, Safehold's Head of Investments, expressed enthusiasm about the ongoing relationship with The Pacific Companies and emphasized the company’s commitment to affordable housing initiatives. "We're thrilled to expand our relationship with The Pacific Companies and our broader investment into the Affordable Housing sector," he stated. Wylder highlighted how Safehold is anxious to find cost-effective solutions that can mobilize much-needed affordable housing.
Safehold's Investment Strategy and Track Record
So far, Safehold has successfully closed eight ground leases specifically for Low-Income Housing Tax Credit (LIHTC) developments across the state, contributing over 1,600 units to the market. This approach aligns with their mission to facilitate housing affordability and supports their strategic investment initiatives in this crucial area.
Understanding LIHTC Developments
The LIHTC program is an essential tool for financing affordable housing across the United States. It provides tax credits to private investors that support the development and rehabilitation of affordable housing, ensuring that these essential homes are available to those with lower incomes. Safehold’s involvement in LIHTC projects highlights the company’s commitment to leveraging real estate strategies that have a positive social impact.
About Safehold Inc.
Safehold Inc. (NYSE: SAFE) has been redefining real estate ownership since 2017 by introducing innovative ground lease solutions that help property owners unlock the intrinsic value of their land assets. By focusing on high-quality multifamily, office, and mixed-use properties, Safehold aims to generate superior returns for its shareholders.
Committed to Sustainable Growth
The firm is structured as a real estate investment trust (REIT), focusing on delivering secure, growing income and capital appreciation over time. With an eager approach to investment in the affordable housing sector, Safehold is working diligently to increase its property portfolio and drive substantive growth in all markets.
Investment and Contact Information
For more information about its latest developments and initiatives, potential investors and interested parties can reach out directly to Safehold's investment team. Contact Steve Wylder, Head of Investments at 212-930-9433, or Ethan Torbati, Vice President of Investments at 310-315-5580. Interested individuals can also connect with Pearse Hoffmann, SVP, Head of Corporate Finance, at 212-930-9400 for inquiries related to corporate finance and investor relations.
Frequently Asked Questions
What is the purpose of the ground lease closed by Safehold?
The ground lease aims to facilitate the development of 227 affordable housing units in Mission Valley.
Who is developing the affordable housing project?
The project will be developed by The Pacific Companies, known for their work in affordable housing.
How many ground leases has Safehold closed for LIHTC developments?
Safehold has closed on eight ground leases for LIHTC developments, providing over 1,600 units.
What is Safehold's strategy in real estate?
Safehold focuses on innovative ground lease solutions that unlock land value and foster affordability in real estate.
How can investors inquire about Safehold's offerings?
Investors can contact Safehold's investment team for more information on current and future projects.
