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Posted: December 18, 2018
Outside the Region: Safety, Income & Growth Inc. originates ground lease in Nashville, TN
Nashville, TN According to Safety, Income & Growth Inc., it has originated a new ground lease on a recently-built 275-unit class A mid-rise multifamily building in the Music Row submarket.
This marks the first SAFE Ground Lease completed in the area market and the second ground lease that SAFE has completed with The Dinerstein Cos. The ground leasefeatures 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.
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