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Safehold Closes First Multifamily Transaction in Salt Lake City, Utah

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Safehold Inc. (NYSE: SAFE) has secured a $26.5 million ground lease for the One Burton multifamily project in South Salt Lake, marking its first transaction in the area. Developed by ABSTRACT Development Group, this project consists of 180 units and is part of a Qualified Opportunity Zone initiative. Year-to-date, Safehold has originated over $1.3 billion in ground lease investments, contributing to a total portfolio exceeding $6 billion. The company aims to enhance its presence in Salt Lake while providing vital housing options.

Positive
  • First multifamily transaction in Salt Lake City, indicating market expansion.
  • Secured a significant ground lease of $26.5 million, boosting project financing.
  • Total ground lease portfolio exceeds $6 billion, showcasing industry leadership.
Negative
  • None.

NEW YORK, Nov. 10, 2022 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE), the creator and leader of the modern ground lease industry, has closed on a $26.5 million ground lease to facilitate the ground-up development of One Burton, a fully amenitized 180-unit multifamily project located in South Salt Lake's new downtown district. The Qualified Opportunity Zone project will be developed by a new Safehold customer, ABSTRACT Development Group, an affiliate of a large New York based multifamily real estate owner.

"We are pleased to close our first multifamily transaction in Salt Lake City with a first-rate sponsor," said Senior Vice President Adam Matos. "Safehold's ground lease structure has proven to be an advantageous capital source for high-end developments nationwide. We look forward to expanding our presence in the Salt Lake City market and continuing to work closely with ABSTRACT."

"This transaction was extremely important to us as it represents our first project in the growing Salt Lake market. The Safehold team was a pleasure to work with, and remained a reliable partner, even during this current period of economic uncertainty," said Jason Algaze, Principal at ABSTRACT. "They understood our goal to provide thoughtfully-designed and much-needed housing in the Salt Lake market. We look forward to working alongside Safehold to develop additional high-end multifamily projects."

Through September 30th, Safehold originated over $1.3 billion of ground lease investments year to date, bringing the Company's total ground lease portfolio to over $6 billion.

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: 

Adam Matos
Senior Vice President
T: 212.930.9439
E: amatos@istar.com

 

Tim Doherty
Head of Investments
T: 212.930.9433
E: tdoherty@istar.com

Investor Relations Contact: 

Jason Fooks 
S
enior Vice President
Investor Relations & Marketing
T: 212.930.9400

E: investors@safeholdinc.com

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/safehold-closes-first-multifamily-transaction-in-salt-lake-city-utah-301673807.html

SOURCE Safehold

FAQ

What is the significance of Safehold's $26.5 million ground lease in Salt Lake City?

Safehold's $26.5 million ground lease is pivotal as it marks the company's first multifamily project in Salt Lake City, enhancing its market presence.

How much has Safehold originated in ground lease investments this year?

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

What is the total ground lease portfolio value of Safehold?

Safehold's total ground lease portfolio now exceeds $6 billion, reflecting its substantial footprint in the industry.

Who is the developer for the One Burton project in Salt Lake City?

The One Burton project is developed by ABSTRACT Development Group, which has partnered with Safehold.

Safehold Inc.

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