**Safehold Acquires Ground Lease for $120M Multifamily Development in Worcester**
Safehold Inc. has finalized a ground lease agreement to support the development of The Benjamin, a new 364-unit, ground-up, transit-oriented multifamily project located at 274 Franklin Street in Worcester, Massachusetts. This marks Safehold’s first transaction with The Michaels Organization, a prominent national investor, developer, and operator of multifamily communities.
The groundbreaking ceremony for The Benjamin took place on Tuesday and was attended by representatives from The Michaels Organization, local development partner GoVenture Capital, and city officials. While the terms of the ground lease were not disclosed, The Michaels Organization has valued the project at approximately $120 million.
“We’re pleased to see the growing adoption of our ground lease solution for multifamily projects in top MSAs,” said Tim Doherty, Chief Investment Officer at Safehold. “We’re committed to delivering low-cost, long-term capital to help owners execute their business plans and maximize value.”
The Benjamin marks Michaels’ third development in Massachusetts, joining completed properties in Boston and Springfield. Safehold’s portfolio now includes ground leases on more than 85 multifamily properties across the country.
