Safehold Closes $31.0 Million Ground Lease, Sixth Transaction in Denver, Colorado

Rhea-AI Summary

Safehold, Inc. (NYSE: SAFE) has successfully closed a $31 million ground lease to support the development of Wilder, a 196-unit multifamily project near Downtown Denver. This project is located in a Qualified Opportunity Zone and will be developed by The Max Collaborative. This marks the third collaboration between Safehold and The Max Collaborative in the past year, reflecting Safehold's strategy in opportunity zone projects. Year-to-date through September 30, Safehold has originated over $1.3 billion in ground lease investments.

Positive

• Closed a $31 million ground lease, enhancing project portfolio.
• Expansion in Denver demonstrates strategic growth.
• Third successful transaction with The Max Collaborative in 12 months, underpinning strong relationships.

Negative

• None.

NEW YORK, Nov. 7, 2022 /PRNewswire/ -- Safehold, Inc. (NYSE: SAFE), the creator and leader of the modern ground lease industry, has closed on a $31.0 million ground lease to facilitate the ground-up development of Wilder, a 196-unit multifamily project approximately two miles west of Downtown Denver. The Qualified Opportunity Zone project will be developed by The Max Collaborative, an Ohio based firm led by members of the Max Ratner family.

"We are excited to grow our presence in Denver and expand our relationship with a top tier sponsor in The Max Collaborative," said Executive Vice President Steve Wylder. "We are finding that our ground lease structure works quite well for opportunity zone projects and are pleased to be part of such a high-quality development as we continue to scale our Safehold platform across the country."

The transaction marks the third between Safehold and The Max Collaborative over the last 12 months, all ground-up multifamily developments. Through September 30^th, Safehold originated in excess of $1.3 billion of ground lease investments year to date.

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, life science 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:
Steve Wylder	Jason Fooks
Executive Vice President	Senior Vice President
T: 310.315.5566	Investor Relations & Marketing
E: swylder@istar.com	T: 212.930.9400
	E: investors@safeholdinc.com
Tim Doherty
Head of Investments
T: 212.930.9433
E: tdoherty@istar.com

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/safehold-closes-31-0-million-ground-lease-sixth-transaction-in-denver-colorado-301670716.html

SOURCE Safehold

FAQ

What recent transaction did Safehold close?

Safehold closed a $31 million ground lease for the development of Wilder, a 196-unit multifamily project near Downtown Denver.

What is the significance of the Wilder project for Safehold?

The Wilder project is part of a Qualified Opportunity Zone initiative and marks Safehold's third collaboration with The Max Collaborative in a year.

How much has Safehold invested in ground leases in 2022?

As of September 30, 2022, Safehold has originated over $1.3 billion in ground lease investments.

How does Safehold's ground lease structure benefit projects?

Safehold's ground lease structure is designed to enhance returns and reduce risk for high-quality multifamily and commercial developments.