Safehold Inc. has closed on a ground lease to facilitate the development of The Benjamin, a ground-up, 364-unit, transit-oriented multifamily project at 274 Franklin St. in Worcester, MA. The deal is Safehold’s first with The Michaels Organization, a large-scale national multifamily investor, developer and operator.
Michaels, locally based GoVenture Capital and Worcester city officials broke ground on The Benjamin at a ceremony Tuesday. Although Safehold did not disclose financial terms of the ground lease, the project is valued at $120 million, according to Michaels.
“We’re pleased to see the growing adoption of our ground lease solution for multifamily projects in top MSAs,” said Tim Doherty, Safehold’s CIO. “We’re committed to delivering low-cost, long-term capital to help owners execute their business plans and maximize value.”
For Michaels, The Benjamin is the third project in Massachusetts, joining existing properties in Boston and Springfield. Safehold’s ground lease portfolio includes more than 85 multifamily properties.
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