Safehold Closes Ground Lease at $128M Nashville Project
The lease capitalizes a 16-story development that will include 278 units and 28,000 SF of office and retail space, situated within SomeraRoad’s larger Paseo South Gulch master plan.
NASHVILLE, TN – New York City-based, Safehold Inc. has secured its fourth ground-lease to capitalize its $128.4 million mixed-use development in downtown Nashville, TN.
The 16-story project, Prima at Paseo South Gulch, will comprise 278 class A multifamily units and 18,000 square feet of class A office space and 8,000 square feet of retail space. The property’s multifamily aspect will offer amenities including a pool, game room, roof club & lounge, fitness center, business center and high-quality in-unit features.
The ESA-designed development is part of SomeraRoad’s larger Paseo South Gulch master plan, which will comprise more than 600 apartment units and 110,000 square feet of retail and office space, once complete.
“This is another successful example of Safehold’s dedication to providing the commercial real estate industry with access to more efficient and lower cost capital,” says Tim Doherty, Safehold’s head of investments. “We are pleased to welcome SomeraRoad as a new customer and appreciate the opportunity to capitalize their high-quality development project.”