{"id":1004651065,"date":"2023-03-13T02:24:27","date_gmt":"2023-03-13T10:24:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004651065"},"modified":"2023-03-13T06:15:14","modified_gmt":"2023-03-13T14:15:14","slug":"safehold-istars-1-6b-merger-moves-forward","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/safehold-istars-1-6b-merger-moves-forward\/","title":{"rendered":"iStar, Safehold’s $1.6B Merger Moves Forward"},"content":{"rendered":"
\"Person<\/a>

Photo by Scott Graham via Unsplash.com<\/em><\/p><\/div>\n

Stockholders of both iStar Inc.<\/strong> and Safehold Inc.<\/strong> have voted, in separate virtual special meetings, to approve the proposed merger between iStar<\/a>\u2014Safehold\u2019s largest shareholder\u2014and Safehold. In addition, iStar stockholders approved the issuance of iStar common stock in connection with the move. The merger reportedly will create the only publicly traded, self-managed, pure-play ground lease company.<\/p>\n

This brings Safehold full circle, as the company was created as an iStar subsidiary following a $250 million IPO and private placement in June 2017.<\/p>\n

For several years now, Jay Sugarman, who\u2019s chairman & CEO of both Safehold and iStar, has been on a mission to reinvent the ground lease sector. In an interview<\/a> with Commercial Property Executive<\/em> in early 2021, Sugarman highlighted a ground lease\u2019s virtues in times like these: \u201c(W)hen markets get stressed, the capital efficiency, cost efficiency and risk reduction created by doing a Safehold ground lease become even more valuable. Debt coming due is always the most vulnerable moment for a property owner, so using a 99-year ground lease to eliminate half that risk is gaining increasing interest from owners.\u201d<\/p>\n

The closing of the merger and related transactions, while subject to the satisfaction or waiver of various closing conditions, is targeted at the end of this month.<\/p>\n

Not just Manhattan<\/h2>\n

In a special report last August, Trepp highlighted some key points about CRE securitizations involving ground leases, noting in the process Safehold\u2019s prominence in working to modernize what many had considered a complex, out-of-date structure that wasn\u2019t friendly to most building owners and lenders.<\/p>\n

Trepp noted that CMBS loans with properties subject to a ground lease are largely concentrated in New York, California and Hawaii with $5.5 billion, $2.4 billion, and $1.4 billion in investment, respectively, followed by Arizona and Florida.<\/p>\n","protected":false},"excerpt":{"rendered":"

Stockholders of both entities gave the move a thumbs up. <\/p>\n","protected":false},"author":882,"featured_media":1004606886,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,21742],"tags":[36273,38037,46937],"class_list":["post-1004651065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-latest","tag-ground-lease","tag-istar","tag-safehold-inc"],"acf":[],"yoast_head":"\niStar, Safehold's $1.6B Merger Moves Forward - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Stockholders of both iStar Inc. and Safehold Inc. have voted to approve the $1.6 billion proposed merger between the two.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/safehold-istars-1-6b-merger-moves-forward\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"iStar, Safehold's $1.6B Merger Moves Forward\" \/>\n<meta property=\"og:description\" content=\"Stockholders of both iStar Inc. and Safehold Inc. have voted to approve the $1.6 billion proposed merger between the two.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/safehold-istars-1-6b-merger-moves-forward\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-13T10:24:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-13T14:15:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/scott-graham-OQMZwNd3ThU-unsplash-e1665744026476.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1029\" \/>\n\t<meta property=\"og:image:height\" content=\"771\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/safehold-istars-1-6b-merger-moves-forward\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/safehold-istars-1-6b-merger-moves-forward\/\",\"name\":\"iStar, Safehold's $1.6B Merger Moves Forward - 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