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Safehold, Inc., a New York City-based REIT specializing in ground leases, recently finalized a ground lease agreement for the development of 80 Saratoga in Santa Clara. The project will consist of 200 units and utilize Low Income Housing Tax Credits (LIHTC). The terms of the transaction have not been disclosed.

The Pacific Companies, an experienced affordable housing developer based in Idaho with projects throughout the western United States, will oversee the development.

According to Steve Wylder, Executive Vice President at Safehold, this partnership with The Pacific Companies is an exciting opportunity for Safehold as they continue to expand their presence nationwide. This high-quality development will provide much-needed affordable housing and further strengthen Safehold’s platform. Renderings courtesy of Architects Orange.