December 6, 2018
New York-based Safety, Income & Growth Inc. originated a new ground lease on a recently-built 275-unit Class A mid-rise multifamily building in the Music Row submarket of Nashville. This marks the first Safe Ground Lease completed in the Nashville market, and the second ground lease that it has completed with Houston-based The Dinerstein Companies.
The ground lease features fixed annual rent escalations over 99 years, with CPI-based adjustments.
The six-story building sits above a three-story concrete parking structure with 427 spaces. The property features such amenities as 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.
Safety, Income & Growth Inc. is the first publicly-traded company focused on ground leases.
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