BGO Refis Savannah Apartments With $79M Loan
By Andrew Coen May 23, 2024 1:47 pm
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Tidal Real Estate Partners has nabbed a $78.6 million loan to refinance a newly built multifamily asset in Savannah, Ga., Commercial Observer can first report.
BGO provided the five-year, floating-rate bridge loan on Tidal’s 232-unit Ann Street Lofts, a six-story property at 111 Ann Street about 10 blocks south of the Savannah River. The financing retires previous construction debt on the property supplied by Cerberus Capital Management.
Walker & Dunlop arranged the transaction with a capital markets team led by Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Michael Ianno and Christopher de Raet.
Ianno said the transaction was attractive due to strong demographics in the area, with Ann Street Lofts attracting both young professionals and students at Savannah College of Art and Design just over a mile away. The property comprises 162 studios, 51 one-bedroom units and 19 two-bedrooms.
“The sponsor has deep knowledge and experience in the Savannah market, so when they came across this site they knew right away this was a great area and definitely a site that they wanted to have,” Ianno said. “They have always been well versed in the demand drivers and know the market extremely well.”
Amenities at Ann Street Lofts include coworking space, an art studio, a fitness center, an outdoor pool, a barbeque patio and electric vehicle charging stations. The property also features 10,000 square feet of retail space that will soon be leased up, according to Ianno.
Officials at BGO and Tidal Real Estate Partners did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
