Safehold (SAFE) on Tuesday closed a $45 million ground lease to support development of a 256-unit affordable housing community in Soquel, Santa Cruz, California.

The Low-Income Housing Tax Credit project is being developed by The Pacific Companies and is expected to deliver in 2028, the company said.

Wells Fargo and Citi Community Capital provided construction financing and tax credit equity, with Citi also providing permanent financing, according to the company.