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Safehold Inc. announced its expansion into the Chicago market, offering its Safehold ground lease to facilitate the recapitalization of 1000 South Clark, Chicago, IL.
“We are excited to begin offering the Chicago MSA a better, more efficient way to capitalize its real estate,” said Tim Doherty, Head of Investments in a statement. “The ground lease capital provided to our new customer, JDL Development, allowed them to acquire full ownership of the building while securing the lowest cost capital available in the market.”
1000 South Clark is a 29-story building comprised of 469 units and 43,000 square feet of amenity space including a fitness center, golf simulator, basketball court, racquetball court, outdoor track, indoor/outdoor pool, and dog daycare center. The property is located near the Central Loop, the CTA’s Roosevelt Station, and the Roosevelt Collection Shops.
Safehold Inc. provides a way for owners to unlock the value of the land beneath their buildings. Having created the modern ground lease industry in 2017, Safehold continues to help owners of quality multifamily, office, industrial, hospitality and mixed-use properties generate higher returns with less risk.