Safehold Inc., a publicly traded ground lease REIT headquartered in New York City, has closed on a ground lease for the development of an affordable housing community in the Mission Valley area of San Diego. The Low-Income Housing Tax Credit (LIHTC) development will provide 227 total units upon delivery in 2028. The project will be developed by The Pacific Companies, a prolific developer of affordable housing and a repeat Safehold customer.
“We’re thrilled to expand our relationship with The Pacific Companies and our broader investment into the Affordable Housing sector,” said Steve Wylder, Safehold’s head of investments. “We are increasingly focused on the LIHTC space and are finding our capital—which functions as a low-cost gap filler—can be a very useful tool in moving projects forward and delivering much-needed affordable housing.”
Safehold has closed on eight ground leases for LIHTC developments in California to date, providing more than 1,600 units in total.
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