Safehold Announces Expansion Into Chicago Market
Safehold Inc. (NYSE: SAFE) has announced its entry into the Chicago market with the recapitalization of 1000 South Clark, a Class A multifamily building. Completed in December 2021, the 29-story structure features 469 units and extensive amenities. This expansion allows JDL Development to secure full ownership while benefiting from lower capital costs through Safehold’s ground lease service. The firm aims to enhance real estate ownership efficiency, paving the way for superior returns and reduced risks for property owners in the Chicago MSA.
- Entry into the Chicago market opens new revenue streams.
- Provides lower capital costs for JDL Development, potentially increasing profitability.
- 1000 South Clark's extensive amenities can attract higher occupancy rates.
- None.
NEW YORK, Jan. 18, 2022 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE) announces its expansion into the Chicago market, offering its modern, customer-friendly Safehold™ ground lease to facilitate the recapitalization of 1000 South Clark, a Class A multifamily building in Downtown Chicago, IL. The transaction closed in December 2021.
"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. "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. The property is well located near the Central Loop, the CTA's Roosevelt Station, and the Roosevelt Collection Shops.
About Safehold:
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 and mixed-use properties generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT) and is managed by its largest shareholder, iStar Inc., 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.
Client Contacts: | Investor Relations Contact: | |
Tim Doherty | Adam Matos | Jason Fooks |
Executive Vice President | Senior Vice President | Senior Vice President |
Head of Investments | Investments | Investor Relations & Marketing |
T: 212.930.9433 | T: 212.930.9439 | T: 212.930.9400 |
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SOURCE Safehold
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