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Safehold Closes on Ground Leases for Bay Area Affordable Projects
Safehold Inc. has closed on ground leases to facilitate the ground-up development of four affordable housing communities in the Bay Area. The low-income tax credit developments total 781 units across four locations, including three in San Jose and one in Concord. The projects will be built by affordable housing developer The Pacific Companies.
“We are thrilled to expand our relationship with The Pacific Companies, and to play a role in meeting the significant unmet demand for affordable housing,” said Safehold’s EVP, head of investments Steve Wylder.
He added, “We have quickly expanded our presence in the affordable housing space, and are finding that our long-term, low-cost ground lease capital can help to fill gaps, drive a lower cost of capital, and help high-quality projects like these move forward.”
New York City-based Safehold closed a total of six ground lease transactions during the second quarter of 2024.
- ◦Development
- ◦Financing
