Resort Conversion Venture in the Historic District of Savannah, Georgia Receives $80 Million Funding
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Mavik Capital Management this day announced that it has supplied an $80 million funding to finance the conversion of 110 Ann Road by Tidal Valid Property Partner and Left Lane Building. The loan will allow the resort conversion and stabilization of the 157-unit property located at 110 Ann Road in the Historic District of Savannah, Georgia. The property used to be lately delivered in August 2023 and used to be built the utilization of sustainable mass-timber construction.
110 Ann Road is currently grasp leased to the Savannah College of Artwork and Create (SCAD) by June 2024 for use as student housing. Following the conclusion of the present hire, Tidal and LEFT LANE intend to radically change the property accurate into a to-be-announced contemporary resort theory. The resort will characteristic neat guestrooms (averaging 769 square feet) that shall be geared up with elephantine kitchens, separate residing rooms and complete-size washer/dryers. The reworked property is anticipated to open in the principle quarter of 2025.
“We are inflamed to be partnering with Tidal and LEFT LANE on the conversion of 110 Ann Road. The property represents an intelligent quite quite loads of in no doubt one of the indispensable highest barrier-to-entry vogue markets in the space,” acknowledged Dan Cooperman, Director of Investments at Mavik Capital Management. “With their blended industry journey and local market journey, we divulge Tidal and LEFT LANE are properly-geared up to radically change the property accurate into a resort that can perhaps capitalize on Savannah’s better than $4 billion tourism ecosystem as properly because the ripple effects from its assign of abode as no doubt one of the indispensable busiest ports in the nation.”
“The property’s prime draw in the center of Savannah’s Historic District makes it an finest funding for our team. Following the resort conversion, 110 Ann Road shall be properly-positioned to no longer finest take dangle of pleasure in the document quantity of guests continuing to visit Savannah, nonetheless also from the influx of expert vacationers because the metropolis grows as a regional industry hub,” acknowledged Ken Copeland, President of Tidal Valid Property Companions. “Mavik has been a lawful accomplice to us in the course of this task and supplied us with a worthy resolution that enabled us to attain on this quite quite loads of both snappy and efficiently. We are thrilled to delight in had the assorted to accomplice with Mavik again and halt up for continuing to gain upon our strong relationship.”
The enchancment of the property will draw upon Tidal and LEFT LANE’s intensive journey in the Savannah market that involves the enchancment and operation of loads of multifamily and hospitality properties – from the Perry Lane Resort and Drayton Tower to LEFT LANE’s lately opened Resort Bardo Savannah and drawing near Recess Resort & Membership Savannah.
