**Safehold Closes Ground Lease for San Diego Multifamily Development**
Safehold Inc., a leading ground lease specialist, has finalized a ground lease and leasehold loan agreement for the construction of a 259-unit multifamily development located in the East Village neighborhood of Downtown San Diego. Financial terms of the transaction were not disclosed.
The eight-story project will be developed by Riaz Capital, a California-based real estate developer and operator investing through its Qualified Opportunity Zone fund.
“This is a high-quality development in an improving Downtown submarket,” said Steve Wylder, Head of Investments at Safehold. “We’re pleased to establish a relationship with the Riaz team and grow our presence in the San Diego market. We’ve continued to seek out opportunities to provide customers with compelling full capital stack financing solutions, including both ground lease and debt capital.”
The project represents another strategic step for Safehold as it expands its footprint in major growth markets across the country.
