Ground lease REIT Safehold Inc. has closed on ground leases for the development of two affordable housing communities, Banana Belt Apartments at 917-923 Water St. in Santa Cruz and Creekside Commons at 27200 Sierra Hwy. in Santa Clarita. The projects will be developed by CRP Affordable Housing & Community Development, an experienced development firm and a new Safehold customer with offices in both Southern California and New York City.
The Low-Income Tax Credit developments will provide a total of 211 units upon delivery in 2028. Citi Community Capital provided construction and permanent financing on both projects. Terms were not disclosed.
“We’ve continued to expand our investment into and support of the affordable housing industry,” said Steve Wylder, Safehold’s head of investments. “We’re pleased our ground lease capital was helpful in CRP’s efforts to move these projects forward.”
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