Ground lease REIT Safehold, Inc. has closed on a ground lease to facilitate the ground-up development of The Orion, a 166-unit senior affordable community in Orange. Although Safehold did not disclose the terms of the ground lease, published reports valued it at $9 million. The project will be developed by USA Properties Fund, an experienced developer of multifamily projects throughout California.

“We are very excited to establish a relationship with the USAP team, and look forward to a successful project,” said Safehold’s EVP, head of investments Steve Wylder. “Safehold’s platform provides long-term, highly accretive capital, and we are thrilled to play a role in creating much-needed affordable housing with this high-quality development.”

New York City-based Safehold reported first-quarter results of $93.2 million in revenue, $30.7 million in net income and earnings per share of $0.43. Jay Sugarman, chairman and CEO, said, “We are pleased to see pipeline activity picking back up, and are well positioned to deploy capital into attractive opportunities and serve our customers.”