Safehold Closes Ground Lease Deal for Somerville Multifamily Development

The $299 million transaction with Samuels & Associates and Mark Development is Safehold's first in the Boston market.

Published on Mar. 9, 2026

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Safehold Inc., the leader in the modern ground lease industry, has closed on a ground lease and leasehold loan to facilitate the development of a 204-unit multifamily project in Somerville, Massachusetts. The $299 million deal, which was featured in The Boston Globe, marks Safehold's first partnership with Boston-based developers Samuels & Associates and Mark Development.

Why it matters

The transaction highlights Safehold's continued expansion into major U.S. markets and its ability to provide flexible, low-cost ground lease and loan capital to help real estate owners execute their business plans. The deal also demonstrates the growing popularity of the ground lease model, which allows property owners to unlock the value of their land while retaining long-term control.

The details

Under the terms of the deal, Safehold provided the ground lease and leasehold loan to facilitate the development of 299 Broadway, a 204-unit multifamily project in Somerville. The transaction represents Safehold's first partnership with Samuels & Associates and Mark Development, two prominent Boston-based real estate firms.

  • Safehold closed the ground lease and leasehold loan deal in late-December 2025.
  • The deal was profiled in The Boston Globe on March 9, 2026.

The players

Safehold Inc.

A real estate investment trust (REIT) that is the leader in the modern ground lease industry, providing flexible, low-cost capital to help owners unlock the value of their land.

Samuels & Associates

A Boston-based real estate development firm that partnered with Safehold on the 299 Broadway multifamily project in Somerville.

Mark Development

A Boston-based real estate development firm that partnered with Safehold on the 299 Broadway multifamily project in Somerville.

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What they’re saying

“We're excited to grow our presence in the Boston MSA and work with top-tier developers that have excellent track records. The pairing of low-cost, flexible ground lease and loan capital can help owners execute their business plans and maximize value. We look forward to the opportunity to expand our relationship with Mark Development and Samuels & Associates on future projects.”

— Michael Paresky, Vice President, Investments (Safehold)

What’s next

Safehold and its development partners are expected to break ground on the 299 Broadway multifamily project in Somerville in the coming months.

The takeaway

Safehold's ground lease model continues to gain traction in major U.S. markets, allowing real estate owners to unlock the value of their land while retaining long-term control. The company's partnership with prominent Boston developers Samuels & Associates and Mark Development demonstrates the versatility and appeal of this innovative financing approach.