1. Safehold closed a ground lease for an affordable housing project in Sacramento. 2. The project includes 265 low-income tax credit units. 3. Safehold aims to support affordable housing through innovative ground lease structures. 4. They completed six affordable housing transactions in California in 2024. 5. Roseville shows strong demographics and demand for affordable housing.
This project aligns with Safehold's focus on affordable housing, potentially increasing investor interest. Past projects in high-demand areas have positively influenced stock performance.
The article emphasizes Safehold's strategic focus on affordable housing expansion, which is significant for its growth narrative.
The investment into affordable housing could yield stable returns over time. Similar long-term commitments have often resulted in enhanced market positions.
NEW YORK, Jan. 15, 2025 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE), the creator and leader of the modern ground lease industry, has closed on a ground lease to facilitate the ground-up development of The Crawford, an affordable housing community in the Roseville area of Sacramento, California. The low-income tax credit development will include 265 units. The project will be built by USA Properties Fund, Inc., a highly experienced developer based in the Sacramento area, and a repeat Safehold customer.
"We're thrilled to expand our relationship with USA Properties, and to continue growing our presence in the affordable housing space," said Steve Wylder, Safehold's Head of Investments.
"Roseville is a high growth market with strong demographics and a real need for affordable housing – we're excited to be a part of this project," added Ethan Torbati, Vice President at Safehold.
Safehold closed a total of six affordable housing transactions in California during 2024. The benefits of Safehold's ground lease structure for affordable housing developments were recently highlighted in an article by Tax Credit Advisor: Ground Leases: A Vintage Structure Bridging Modern Gaps.
"We are increasingly focused on the affordable sector and are positioning our capital as a tool to help developers bridge capital structure gaps, lower their cost of capital, and move much needed affordable housing projects forward," said Wylder.
Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Having created the modern ground lease industry in 2017, Safehold continues to help owners of high quality multifamily, office, industrial, hospitality, student housing, life science and mixed-use properties generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT), seeks to deliver safe, growing income and long-term capital appreciation to its shareholders. Additional information on Safehold is available on its website at www.safeholdinc.com.
Steve Wylder
EVP, Head of Investments
T: 310.315.5566
E: s[email protected]
Ethan Torbati
Vice President, Investments
T: 310.315.5580
E: [email protected]
Tim Doherty
Chief Investment Officer
T: 212.930.9433
E: [email protected]
Pearse Hoffmann
Senior Vice President
Capital Markets & Investor Relations
T: 212.930.9400
E: i[email protected]
SOURCE Safehold