Jay Sugarman Of Safehold Inc. Leases Development Site To The Pacific Companies For $45M In Santa Cruz

A ground lease has been established for a development site in Santa Cruz, California. The lease amounts to $45 million and pertains to the construction of a 256-unit affordable housing community located in the Soquel area.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $45,000,000
• Landlord: Jay Sugarman - Safehold Inc.
• Tenant: The Pacific Companies
• Delivery Expected: 2028
• Construction Financing Provided By: Wells Fargo and Citi Community Capital
• Permanent Financing Supplier: Citi Community Capital
• Project Type: Low-Income Housing Tax Credit

The deal involves key players in the real estate market, with Jay Sugarman representing Safehold Inc. as the landlord, while The Pacific Companies will oversee the development. This project aims to provide affordable housing opportunities in the area, supported by various financial institutions for construction and permanent financing.