Safehold, Inc., a ground lease REIT, has successfully closed on a ground lease for the development of The Orion, an affordable senior community in Orange. The project will consist of 166 units and is being developed by USA Properties Fund, a reputable multifamily developer in California.
According to Safehold’s EVP and head of investments Steve Wylder, the company is excited to establish a partnership with USAP and looks forward to the success of this project. With its long-term capital platform that yields high returns, Safehold is proud to contribute towards creating much-needed affordable housing through this top-quality development.
In its first-quarter results report for 2021, New York City-based Safehold recorded $93.2 million in revenue with $30.7 million net income and earnings per share at $0.43. Chairman and CEO Jay Sugarman expressed satisfaction at seeing an increase in pipeline activity while highlighting their readiness to invest capital into attractive opportunities that serve their customers’ needs.
