A 300-unit, to-be-built mid-rise multifamily property in Washington, D.C.’s Southwest Waterfront submarket. Safehold executed a forward commitment to purchase the ground lease and fund additional proceeds to complete construction.
A repeat customer utilized a $30 million Safehold™ ground lease for a new multifamily construction project, less than a mile from a previously executed Safehold™ ground lease. Seeking more capital at a better rate and the flexibility of funding throughout the development life cycle, our customer was able to benefit from a structure that was favorable for both the equity and leasehold lender.
The deal demonstrated the versatility of Safehold’s ground lease product as a mechanism to provide capital for development and the ability to custom-tailor our Safehold structure to meet the specific needs of the developer.