Updated Sep 14, 2026
Jay Sugarman Of Safehold Inc. Enters Ground Lease With David Heller Of The NRP Group In San Antonio
Units
336
Asset Type
Development Site
Closing
Sep 8, 2026
About this deal
AI
The transaction involves a ground lease for a development site designated for a planned 336-unit affordable housing community located in southeast San Antonio, Texas. The completion of this project is expected in 2028.
Summary of transaction details:
- Property Type: Ground Lease
- Transaction Amount: Not disclosed
- Market: San Antonio, TX
- Landlord: Jay Sugarman - Safehold Inc.
- Tenant: David Heller - The NRP Group
- Development Plans: 336-unit affordable housing community
- Financial Partner: Wells Fargo providing tax credit equity
- Notable Achievements: First affordable housing ground lease in San Antonio for Safehold and third in Texas this year
Jay Sugarman represents Safehold Inc. in this transaction, while David Heller represents The NRP Group. This partnership reflects a significant step in the commitment to expand affordable housing options in the region.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93