Safehold Inc. has recently completed ground leases for the development of four affordable housing communities in the Bay Area. These developments, which will be built by The Pacific Companies, consist of 781 units and are located in San Jose and Concord.
According to Steve Wylder, EVP and head of investments at Safehold, “We are excited to expand our partnership with The Pacific Companies and contribute to addressing the high demand for affordable housing.” He also noted that Safehold’s long-term ground lease capital can help fill funding gaps, lower costs of capital, and support quality projects like these.
During the second quarter of 2024 alone, New York City-based Safehold closed six ground lease transactions. This demonstrates their growing presence in the affordable housing market as well as their ability to provide low-cost financing options for developers looking to build much-needed projects like these.
