The development, scheduled for completion in 2028, relies on Low-Income Housing Tax Credit (LIHTC) funding to address local residential demand. Wells Fargo is providing the necessary tax credit equity for the southeast San Antonio site, a region currently seeing significant job and population growth. This transaction stands as Safehold's third affordable housing deal in Texas this year, highlighting a broader strategy to bridge capital structure gaps in new construction projects.
In section Releases
Safehold Secures Ground Lease for San Antonio Affordable Housing Project
A new 336-unit affordable housing development in San Antonio, Texas, has secured financing through a ground lease agreement with Safehold Inc. The project, led by frequent partner The NRP Group, marks the first time the New York-based firm has utilized its affordable housing platform to enter the San Antonio market.
Steve Wylder, Safehold’s Head of Investments, noted that the partnership with The NRP Group is key to scaling their affordable housing footprint. To date, the company has executed 28 similar ground leases nationwide to facilitate the construction of rent-restricted units. For The NRP Group, the collaboration adds another project to a portfolio that has produced more than 68,000 apartment homes since 1994.
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