Safehold Closes Ground Lease for Affordable Housing Development in Santa Clara, California

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11/28/2023 - 04:05 PM

NEW YORK, Nov. 28, 2023 /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 80 Saratoga, a 200-unit Low Income Tax Credit ("LIHTC") community in Santa Clara, California. The project will be developed by The Pacific Companies, an Idaho-based firm and prolific developer of affordable housing throughout the Western United States.

"We are pleased to establish a relationship with a top tier sponsor in The Pacific Companies," said Executive Vice President Steve Wylder. "Safehold's platform has continued to scale across the country and we are excited to be a part of a high-quality development that will provide much-needed affordable housing."

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, 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.

Client Contacts:
Steve Wylder

Executive Vice President
T: 310.315.5566
E: swylder@safeholdinc.com

Tim Doherty

Head of Investments
T: 212.930.9433
E: tdoherty@safeholdinc.com

Ethan Torbati

Vice President
T: 310.315.5580
E: etorbati@safeholdinc.com

Investor Relations Contact:

Pearse Hoffmann

Senior Vice President

Capital Markets & Investor Relations
T: 212.930.9400
E: investors@safeholdinc.com