NEW YORK--(BUSINESS WIRE)--Safety, Income & Growth Inc. (NYSE:SAFE), the leading company focused on ground leases, announced that it has originated a new $38.5 million ground lease under Onyx on First, a luxury multi-family property in Washington, D.C.
SAFE’s innovative and flexible ground lease capital solution provided its clients with highly efficient, low cost, long duration capital to acquire the property. In addition, a third-party institutional lender provided long-term fixed-rate leasehold financing at closing.
“Ground leases are simply a better way for real estate investors to capitalize their projects,” said Jay Sugarman, Chairman and Chief Executive Officer. “As shown with this deal, not only are we providing our clients with attractive capital to help them achieve superior returns, we have created a valuable ground lease with the safety, income growth and capital appreciation characteristics that are the focus of our overall strategy. We are just beginning to see results as we continue to revolutionize the approach to ground leases.”
Onyx on First is well-located in the Navy Yards neighborhood of Washington, D.C., just one block away from the Navy Yards metro station and a short walk to Nationals Park. The apartment building features amenities including underground parking, a gym, a courtyard, lounge, concierge, and a landscaped roof deck with a pool and views of the Capitol Building.
Safety, Income & Growth Inc. (NYSE: SAFE) is the first publicly traded company that focuses on acquiring, owning, managing and capitalizing ground leases. The Company seeks to provide safe, growing income and capital appreciation to shareholders by building a diversified portfolio of high quality ground leases. The Company, which is taxed as a real estate investment trust (REIT), is managed by its largest shareholder, iStar Inc. Additional information on SAFE is available on its website at www.safetyincomegrowth.com.