Safehold Ground Lease Facilitates Mixed-Income Somerville Development
Ground-lease REIT Safehold has closed its first deal with Samuels & Associates (S&A) and Mark Development, two Boston-based multifamily developers. Terms were not disclosed. The deal facilitates the redevelopment of 299 Broadway, a long-abandoned former Star Market site in Somerville, MA, into a ground-up project with a total of 319 apartments.
“We’re excited to grow our presence in the Boston MSA and work with top-tier developers that have excellent track records,” said Michael Paresky, VP at Safehold. “The pairing of low-cost, flexible ground lease and loan capital can help owners execute their business plans and maximize value. We look forward to the opportunity to expand our relationship with Mark Development and Samuels & Associates on future projects.”
The former supermarket was torn down last year, according to published reports. S&A and Mark Development will build 204 market-rate units in one building, while Beacon Communities and RISE Together will develop 115 affordable apartments in a separate structure.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout