NEW YORK--(BUSINESS WIRE)--Safety, Income & Growth Inc. (NYSE: SAFE), the leading company focused on ground leases, announced it has originated a new ground lease on a Class A multifamily property, Promenade Crossing, in the Baldwin Park submarket of Orlando, Florida with new client, The Dinerstein Companies.
Promenade Crossing was capitalized by an institutional lender and a SAFE Ground Lease™ which features fixed annual rent escalations over 99 years with periodic CPI-based adjustments. The property is a 212-unit garden-style multifamily community with amenities that include a pool deck with grilling stations, media lounge, fitness center, car wash station, clubhouse, and a dog park. Promenade Crossing is well-located in the high-end Baldwin Park neighborhood with close proximity to shopping centers, office parks, and the Orlando Executive Airport. The asset is currently undergoing capital improvements which will further enhance the property.
“We are pleased to announce our first SAFE Ground Lease™ in the Orlando MSA, a rapidly growing market,” said Tim Doherty, Head of Ground Lease Investments. “SAFE has developed a valuable solution for multifamily investors and we look to continue the strong momentum.”
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.