Safety, Income & Growth Inc. has originated a new ground lease on a recently-built 275-unit class A mid-rise multifamily building in the Music Row submarket of Nashville, as SAFE continues to expand its offerings across top cities in the US.
This marks the first SAFE Ground Lease completed in the Nashville market and the second ground lease that SAFE has completed with The Dinerstein Cos. The ground lease features fixed annual rent escalations over 99 years with CPI-based adjustments.
“We are pleased to deliver another flexible, value-creating ground lease to a returning customer and are excited to showcase the first SAFE Ground Lease in Nashville,” said Tim Doherty, Head of Ground Lease Investments.
The 6-story building sits above a 3-story concrete parking structure with 427 spaces. The property features premium amenities including a clubroom, dog park, fitness center, and a pool. The building is well-located within walking distance to downtown entertainment, restaurants and employment including the recently announced Amazon Logistics Hub.