Safehold Closes Ground Lease for Massachusetts Multifamily Development
Rhea-AI Summary
Safehold Inc. (NYSE: SAFE) has announced the closure of a ground lease agreement for The Benjamin, a new 364-unit multifamily development project in the Boston metropolitan area. This marks Safehold's first collaboration with The Michaels Organization, a prominent national multifamily investor and developer. The deal reinforces Safehold's growing presence in the multifamily sector, where it currently maintains over 85 assets across major U.S. markets.
As the pioneer of the modern ground lease industry since 2017, Safehold specializes in providing innovative real estate ownership solutions that help property owners maximize value and generate higher returns with reduced risk. The company operates as a Real Estate Investment Trust (REIT) and focuses on high-quality properties across various sectors including multifamily, office, industrial, hospitality, and life science.
Positive
- First partnership with The Michaels Organization, a major national multifamily developer
- Expansion of portfolio in the strategic Boston MSA market
- Growing presence in multifamily sector with over 85 assets across top U.S. markets
Negative
- None.
News Market Reaction – SAFE
On the day this news was published, SAFE declined 0.20%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
"We're pleased to see the growing adoption of our ground lease solution for multifamily projects in top MSAs," said Tim Doherty, Safehold's Chief Investment Officer. "We're committed to delivering low-cost, long-term capital to help owners execute their business plans and maximize value."
"We continue to see our structure unlock efficiencies for ground-up developments and look forward to the opportunity to expand our relationship," added Michael Paresky, Vice President at Safehold.
Safehold's diversified portfolio of modern ground leases includes over 85 multifamily assets across the top markets in
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, affordable housing, 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.
Transaction Contacts: | IR Contact: |
Tim Doherty Chief Investment Officer | Pearse Hoffmann SVP, Head of Corporate Finance |
Michael Paresky Vice President, Investments |
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SOURCE Safehold
FAQ
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