Safehold Closes Second 336-Unit Affordable Housing Ground Lease in Austin for 2028 Delivery
SAFE•Safehold has closed its second 4% LIHTC ground lease in northeast Austin, financing a 336-unit affordable housing development slated for 2028 delivery. Huntington Bank provided tax credit equity and Berkadia arranged construction and permanent financing.
1. Transaction Details
Safehold closed a ground lease for a 336-unit affordable housing community in northeast Austin, marking its second 4% LIHTC development with NRP this year. The project is scheduled for delivery in 2028 in a high-growth region with strong long-term fundamentals.
2. Financing Structure
The development is funded by tax credit equity from Huntington Bank, while construction and permanent financing were coordinated by Berkadia under an innovative ground lease structure designed for the Texas market.
3. Strategic Expansion
Since establishing a dedicated Affordable Housing team in 2025, Safehold has expanded its investment in tax-credit developments, leveraging repeat relationships with NRP to capture demand for high-quality housing in key growth markets.
