Safety, Income & Growth Closes $79 Million Non-Recourse Senior Secured Term Loan
The innovative term loan structure was custom-tailored to meet the unique features of SAFE’s ground lease portfolio with an initial spread of T+86 and an all-in cost equal to T+120. The loan is interest-only for its entire 10-year term, is collateralized by seven ground leases and represents a 60% advance rate against SAFE’s investment basis in the collateral. In addition, the loan provides for asset addition and substitution flexibility within specified parameters.
“This financing represents another attractive long-term financing source for our business. Furthermore, the loan has an accordion feature that provides for potential increases in the loan size as we originate new ground lease investments,” said
View source version on businesswire.com: https://www.businesswire.com/news/home/20181113006093/en/
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