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.
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Onyx on First (Photo: Onyx on First)
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.
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Source: Safety, Income & Growth Inc.