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 recently-built 275-unit Class A mid-rise multifamily building in the Music Row submarket of Nashville, as SAFE continues to expand its offerings across top cities in the U.S.
This marks the first SAFE Ground Lease™ completed in the Nashville market and the second ground lease that SAFE has completed with The Dinerstein Companies. The ground lease features fixed annual rent escalations over 99 years with CPI-based adjustments.
“We are pleased to deliver another flexible, value-creating ground lease to a returning customer and are excited to showcase the first SAFE Ground Lease™ in Nashville,” said Tim Doherty, Head of Ground Lease Investments.
The 6-story building sits above a 3-story concrete parking structure with 427 spaces. The property features premium amenities including a clubroom, dog park, fitness center, and a pool. The building is well-located within walking distance to downtown entertainment, restaurants and employment including the recently announced Amazon Logistics Hub.
Safety, Income & Growth Inc. (NYSE:SAFE) is the first publicly traded company focused on ground leases. The Company seeks to provide real estate owners with better, lower cost capital through its modern ground lease structure, while delivering safe, growing income and long-term capital appreciation to its shareholders. The Company targets major markets throughout the United States, helping owners of high quality multifamily, office, industrial, hospitality and mixed use properties ranging from $25 million to $1 billion generate higher returns with less risk. 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.