Safehold Closes Ground Lease for Affordable Housing Development in Santa Clara, California

Rhea-AI Summary

Safehold, Inc. (NYSE: SAFE) has closed a ground lease for the development of 80 Saratoga, a 200-unit Low Income Tax Credit community in Santa Clara, California, with The Pacific Companies. Executive Vice President Steve Wylder expressed excitement about the partnership.

NEW YORK, Nov. 28, 2023 /PRNewswire/ -- Safehold, Inc. (NYSE: SAFE), the creator and leader of the modern ground lease industry, has closed on a ground lease to facilitate the ground-up development of 80 Saratoga, a 200-unit Low Income Tax Credit ("LIHTC") community in Santa Clara, California. The project will be developed by The Pacific Companies, an Idaho-based firm and prolific developer of affordable housing throughout the Western United States.

"We are pleased to establish a relationship with a top tier sponsor in The Pacific Companies," said Executive Vice President Steve Wylder. "Safehold's platform has continued to scale across the country and we are excited to be a part of a high-quality development that will provide much-needed affordable housing."

About Safehold:

Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Having created the modern ground lease industry in 2017, Safehold continues to help owners of high quality multifamily, office, industrial, hospitality, student housing, life science and mixed-use properties generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT), seeks to deliver safe, growing income and long-term capital appreciation to its shareholders. Additional information on Safehold is available on its website at www.safeholdinc.com.

Client Contacts:  Steve Wylder Executive Vice President T: 310.315.5566 E: swylder@safeholdinc.com   Tim Doherty Head of Investments  T: 212.930.9433 E: tdoherty@safeholdinc.com   Ethan Torbati Vice President T: 310.315.5580 E: etorbati@safeholdinc.com	Investor Relations Contact: Pearse Hoffmann Senior Vice President Capital Markets & Investor Relations T: 212.930.9400 E: investors@safeholdinc.com

 

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SOURCE Safehold

FAQ

What is the latest development for Safehold, Inc. (NYSE: SAFE)?

Safehold, Inc. (NYSE: SAFE) has closed a ground lease for the development of 80 Saratoga, a 200-unit Low Income Tax Credit community in Santa Clara, California, with The Pacific Companies.

Who is involved in the ground lease for 80 Saratoga?

The ground lease for 80 Saratoga involves Safehold, Inc. (NYSE: SAFE) and The Pacific Companies.

Where is the ground-up development project taking place?

The ground-up development project is taking place in Santa Clara, California.

What type of community is being developed in Santa Clara, California?

A 200-unit Low Income Tax Credit community is being developed in Santa Clara, California.

What did Executive Vice President Steve Wylder say about the partnership?

Executive Vice President Steve Wylder expressed excitement about the partnership with The Pacific Companies for the development of 80 Saratoga.

Who is The Pacific Companies?

The Pacific Companies is an Idaho-based firm and prolific developer of affordable housing throughout the Western United States.