Safehold Inc. (NYSE: SAFE), the creator and leader of the modern ground lease industry, has closed on a ground lease for the development of an Affordable Housing community in San Antonio, Texas. The Low-Income Housing Tax Credit development will provide 336 total units upon delivery in 2028. The project will be developed by The NRP Group, one of the most active developers of Affordable Housing in the United States and a repeat Safehold customer.
“This is a high-quality development in a growing San Antonio market, and we’re pleased to partner again with The NRP Group while continuing to expand Safehold’s Affordable Housing platform and presence across Texas,” said Steve Wylder, Safehold’s Head of Investments.
The transaction represents Safehold’s first Affordable Housing development in San Antonio, and third across Texas this year. The project is located in southeast San Antonio, within a growing residential core driven by robust population and job growth. It will be supported by tax credit equity from Wells Fargo.
Through its Affordable Housing platform, Safehold has continued to expand its commitment to the Affordable sector, specifically new construction LIHTC developments where its long-term, low-cost ground lease helps to bridge capital structure gaps and move projects forward. To date, Safehold has closed 28 ground leases to support the development of Affordable Housing transactions throughout the United States.
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, affordable housing, 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.
