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Safehold Inc. has expanded into the Chicago market, via a ground lease to facilitate the recapitalization of 1000 South Clark, a Class A multifamily building

Safehold Ground Lease Recapitalizes South Loop Resi Tower

Safehold Inc. has expanded into the Chicago market, via a ground lease to facilitate the recapitalization of 1000 South Clark, a Class A multifamily building in downtown Chicago’s South Loop. Although terms of the recapitalization weren’t disclosed, the project, which opened in 2016, cost about $130 million to build. 

“We are excited to begin offering the Chicago MSA a better, more efficient way to capitalize its real estate,” said Tim Doherty, head of investments at Safehold. “The ground lease capital provided to our new customer, JDL Development, allowed them to acquire full ownership of the building while securing the lowest cost capital available in the market.” 

1000 South Clark is a 29-story building comprised of 469 units and 43,000 square feet of amenity space including a fitness center, golf simulator, basketball court, racquetball court, outdoor track, indoor/outdoor pool, and dog daycare center.  

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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).

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