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Safehold Ground Lease Capitalizes $128M Nashville Multifamily Development
Safehold, Inc., has provided a ground lease to capitalize the $128.4-million development of Prima at Paseo South Gulch, a Class A multifamily project in downtown Nashville, on behalf of client SomeraRoad. The action represents Safehold’s fourth closed ground lease in the Nashville area.
Prima will be a 16-story property comprised of 278 apartments with 28,000 square feet of commercial space. The property is situated within SomeraRoad’s larger Paseo South Gulch master plan, which, when complete, will include more than 600 apartments and approximately 110,000 square feet of retail and creative office space.
The Safehold, Inc., model seeks to help owners of high quality multifamily, office, industrial, hospitality and mixed-use properties generate higher returns with less risk. The company is taxed as a real estate investment trust and is managed by its largest shareholder, iStar Inc.
- ◦Financing
