New York City-based ground lease REIT Safehold, Inc. has closed on a ground lease to facilitate the ground-up development of 80 Saratoga, a 200-unit Low Income Housing Tax Credit (LIHTC) community in Santa Clara. Terms of the transaction weren’t disclosed.
The project will be developed by The Pacific Companies, an Idaho-based firm and prolific developer of affordable housing throughout the western U.S.
“We are pleased to establish a relationship with a top-tier sponsor in The Pacific Companies,” said Steve Wylder, EVP with Safehold. “Safehold’s platform has continued to scale across the country and we are excited to be a part of a high-quality development that will provide much-needed affordable housing.”
Rendering courtesy of Architects Orange.