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California  + Finance  | 

Safehold Closes Ground Lease for San Diego Multifamily Project

Safehold Inc., a specialist in ground leases across property types, has closed on a ground lease and leasehold loan for the ground-up development of a 259-unit multifamily development in the East Village neighborhood of Downtown San Diego. Terms were not disclosed.

The eight-story project will be developed by Riaz Capital, a California-based developer and operator investing on behalf of its Qualified Opportunity Zone fund.

“This is a high-quality development in an improving Downtown submarket,” said Steve Wylder, Safehold’s head of investments. “We’re pleased to establish a relationship with the Riaz team and grow our presence in the San Diego market. We’ve continued to seek out opportunities to provide customers with compelling full cap stack financing solutions, including both ground lease and debt capital.”

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Inside The Story

Safehold's Wylder

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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