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 press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20181203005770/en/
Music Row Multifamily, Nashville, TN (Photo: Business Wire)
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 leasefeatures 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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20181203005770/en/
Client:
Tim Doherty
Executive Vice President
Head
of Ground Lease Investments
T: 212-930-9433
E:
tdoherty@istar.com
Investor Relations:
Jason Fooks
Vice President
Investor
Relations & Marketing
T: 212-930-9400
E: investors@safetyincomegrowth.com
Source: Safety, Income & Growth Inc.