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Safehold Closes Ground Lease for Roseville Affordable
Ground-lease REIT Safehold has closed on a ground lease to facilitate the development of The Crawford, an affordable housing community in Roseville, a Sacramento suburb. The low-income tax credit development will include 265 units. The project will be built by USA Properties, a Sacramento-area developer and repeat Safehold customer.
“We’re thrilled to expand our relationship with USA Properties, and to continue growing our presence in the affordable housing space,” said Steve Wylder, Safehold’s head of investments.
VP Ethan Torbati added, “Roseville is a high-growth market with strong demographics and a real need for affordable housing – we’re excited to be a part of this project.”
Lease terms weren’t disclosed. Safehold closed a total of six affordable housing transactions in California during 2024. The benefits of Safehold’s ground lease structure for affordable housing developments were recently highlighted in an article by Tax Credit Advisor: Ground Leases: A Vintage Structure Bridging Modern Gaps.
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- ◦Financing
