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.
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Promenade Crossing (Photo: Business Wire)
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.
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Client:
Tim Doherty, 212-930-9433
Executive Vice
President
Head of Ground Lease Investments
tdoherty@istar.com
or
Dan
Melaugh, 212-703-2688
Vice President
Investments
dmelaugh@istar.com
or
Investor
Relations:
Jason Fooks, 212-930-9400
Vice President
Investor
Relations & Marketing
investors@safetyincomegrowth.com
Source: Safety, Income & Growth Inc.