NEW YORK--(BUSINESS WIRE)--Mavik Capital Management (“Mavik”), a multi-strategy investment firm with a flexible strategy focused on U.S. commercial real estate credit, today announced that it has provided an $80 million investment to finance the conversion of 110 Ann Street by Tidal Real Estate Partners (“Tidal”) and Left Lane Development (“LEFT LANE”). The loan will enable the hotel conversion and stabilization of the 157-unit property located at 110 Ann Street in the Historic District of Savannah, Georgia. The property was recently delivered in August 2023 and was built using sustainable mass-timber construction.
110 Ann Street is currently master leased to the Savannah College of Art and Design (SCAD) through June 2024 for use as student housing. Following the conclusion of the existing lease, Tidal and LEFT LANE intend to convert the property into a to-be-announced new hotel concept. The hotel will feature large guestrooms (averaging 769 square feet) that will be equipped with full kitchens, separate living rooms and full-size washer/dryers. The converted property is expected to open in the first quarter of 2025.
“We are excited to be partnering with Tidal and LEFT LANE on the conversion of 110 Ann Street. The property represents an exciting opportunity in one of the highest barrier-to-entry development markets in the region,” said Dan Cooperman, Director of Investments at Mavik Capital Management. “With their combined industry experience and local market expertise, we believe Tidal and LEFT LANE are well-equipped to transform the property into a hotel that can capitalize on Savannah’s more than $4 billion tourism ecosystem as well as the ripple effects from its position as one of the busiest ports in the nation.”
“The property’s prime location in the center of Savannah’s Historic District makes it an ideal investment for our team. Following the hotel conversion, 110 Ann Street will be well-positioned to not only benefit from the record number of tourists continuing to visit Savannah, but also from the influx of professional travelers as the city grows as a regional business hub,” said Ken Copeland, President of Tidal Real Estate Partners. “Mavik has been a true partner to us throughout this process and provided us with a great solution that enabled us to execute on this opportunity both quickly and efficiently. We are thrilled to have had the opportunity to partner with Mavik again and look forward to continuing to build upon our strong relationship.”
The development of the property will draw upon Tidal and LEFT LANE’s extensive experience in the Savannah market that includes the development and operation of several multifamily and hospitality properties – from the Perry Lane Hotel and Drayton Tower to LEFT LANE’s recently opened Hotel Bardo Savannah and forthcoming Recess Hotel & Club Savannah.
About Mavik Capital Management
Mavik Capital Management is a multi-strategy, credit-focused investment firm with a focus on U.S. commercial real estate credit and special situations investments. Mavik pursues a flexible investment strategy across markets and securities that seeks to create solutions for borrowers with attractive real estate assets.
For more information, please visit www.mavikcapital.com and LinkedIn.
About Tidal Real Estate Partners
Tidal Real Estate Partners is a real estate investment group with a track record of prescient ventures. Accustomed to leading rather than following, Tidal seeks out high quality urban development sites and builds best-in-class buildings. Tidal’s portfolio currently covers a diverse geography, including Nashville, Raleigh, Savannah, Atlanta, and New York City. Learn more at: www.tidalrep.com.
About LEFT LANE
LEFT LANE is a vertically integrated real estate development, brand, and design firm specializing in the acquisition and transformation of historic iconic properties. With a commitment to community engagement through placemaking, LEFT LANE creates transformational moments of exceptional rarity through compelling design, dynamic guest experiences, and warm, anticipatory service. Additional information may be found at LeftLaneDevelopment.com and on Instagram at @leftlanehospitality.