**Safehold Acquires Ground Lease for Worcester Multifamily Development**
Safehold Inc. has finalized a ground lease to support the development of The Benjamin, a new 364-unit, transit-oriented multifamily residential 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 Benjamin is being developed in partnership with The Michaels Organization, locally based GoVenture Capital, and the City of Worcester. A groundbreaking ceremony was held on Tuesday to officially launch the project. While Safehold has not disclosed specific financial terms of the ground lease, the total development value is reported to be approximately $120 million, according to The Michaels Organization.
“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 represents the third project for The Michaels Organization in Massachusetts, joining their current developments in Boston and Springfield. Safehold’s growing ground lease portfolio now includes more than 85 multifamily properties across the country.
