Safehold Closes Affordable Housing Ground Lease in San Antonio
Safehold Inc. (NYSE: SAFE) has finalized a ground lease for an affordable housing development in San Antonio, Texas. The project will include 336 units and is expected to be completed by 2028 under the leadership of developer The NRP Group. This marks Safehold's first Affordable Housing initiative in San Antonio and its third such deal across Texas this year. The Low-Income Housing Tax Credit (LIHTC) development will benefit from tax credit equity provided by Wells Fargo, supporting long-term capital structure needs for affordable housing projects. Through its Affordable Housing platform, Safehold has closed 28 ground leases nationwide to date, focusing on new construction where it provides low-cost land access. Steve Wylder, Head of Investments at Safehold, emphasized the significance of this partnership with The NRP Group and highlighted San Antonio's growing residential market as a strategic location for expanding their Affordable Housing platform.
Topics: affordable housing development announcement ground lease