Tidal Refinances Savannah Property With $79M Loan

The Ann Street Lofts in Savannah, Ga. Image courtesy of Walker & Dunlop

Tidal Real Estate Partners, a New York-based real estate development firm, has refinanced Ann Street Lofts at 111 Ann St., a 232-unit mixed use multifamily property in the Historic District of Savannah, Ga., with a $78.6 million bridge loan provided by BentallGreenOak.

The five-year, floating-rate bridge loan retires previous construction debt on the property supplied by Cerberus Capital Management. The property, the first mass timber residential building developed in the Southeast, was completed in 2023 and caters primarily to students at Savannah College of Art and Design (SCAD), creatives and young professionals.

The loan was arranged by Walker & Dunlop. The W&D New York Capital Markets team was led by Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Michael Ianno and Christopher de Raet.

Ann Street Lofts is located within a federally designated Opportunity Zone in Savannah’s cultural hub near Forsyth Park and SCAD. The six-story asset has 162 studios, 51 one-bedroom apartments and 19 two-bedroom apartments. The property has 10,000 square feet of retail space that is in the process of being leased up.

Apartment features include exposed spruce wood beams, columns and ceilings; poured concrete flooring; 10- to 11-foot ceilings; low-emission glass windows; keyless electronic entry doors; recycled mosaic backsplash; quartz countertops and in-unit washers and dryers.

Community amenities include an outdoor pool and sundeck, barbecue patio, coworking space, art studio, fitness center, social lounges, dog run and EV charging stations.

Recent refinancing

Last month, Tidal Real Estate Partners, refinanced another of its Southeast properties – 1111 Church St., a 20-story, 380-unit luxury community completed last year in the North Gulch neighborhood of  Nashville, Tenn. W&D Capital Markets also arranged the $120 million refinancing package which was comprised of a senior note issued by J.P. Morgan and a mezzanine loan provided by Naftali Credit Partners, a subsidiary of Naftali Group. The proceeds replaced the existing construction loan and provided bridge financing to a sale or permanent financing.

The property also has 45,000 square feet of retail space and 52,000 square feet of indoor and outdoor amenities.