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Safehold Ground Lease Facilitates Mixed-Income Somerville Development

Ground-lease REIT Safehold has closed its first deal with Samuels & Associates (S&A) and Mark Development, two Boston-based multifamily developers. Terms were not disclosed. The deal facilitates the redevelopment of 299 Broadway, a long-abandoned former Star Market site in Somerville, MA, into a ground-up project with a total of 319 apartments.

“We’re excited to grow our presence in the Boston MSA and work with top-tier developers that have excellent track records,” said Michael Paresky, VP at Safehold. “The pairing of low-cost, flexible ground lease and loan capital can help owners execute their business plans and maximize value. We look forward to the opportunity to expand our relationship with Mark Development and Samuels & Associates on future projects.”

The former supermarket was torn down last year, according to published reports. S&A and Mark Development will build 204 market-rate units in one building, while Beacon Communities and RISE Together will develop 115 affordable apartments in a separate structure.

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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).

  • ◦Development
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