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.
- ◦Sale/Acquisition