Safehold Inc., a specialist in ground leases across property types, has closed on a ground lease and leasehold loan for the ground-up development of a 259-unit multifamily development in the East Village neighborhood of Downtown San Diego. Terms were not disclosed.
The eight-story project will be developed by Riaz Capital, a California-based developer and operator investing on behalf of its Qualified Opportunity Zone fund.
“This is a high-quality development in an improving Downtown submarket,” said Steve Wylder, Safehold’s head of investments. “We’re pleased to establish a relationship with the Riaz team and grow our presence in the San Diego market. We’ve continued to seek out opportunities to provide customers with compelling full cap stack financing solutions, including both ground lease and debt capital.”
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