Brent LeBlanc Tapped to Spearhead Business Development for Peachtree Group
Peachtree Group is pleased to announce that Brent LeBlanc is now leading the firm's business development efforts across its investment platforms.
Commercial Observer - Tidal Real Estate Partners is “waving” hello to the opportunity to convert a Savannah, Ga., multifamily building into a Margaritaville-branded hotel.
The New York City development firm just sealed $113 million of bridge debt to recapitalize and repurpose the 2023-built Ann Street Lofts property into the 230-key Margaritaville Hotel Savannah, Commercial Observer has learned.
Peachtree Group originated the three-year floating-rate loan with two 12-month extension options for the multifamily-to-hospitality conversion project in Downtown Savannah. The conversion project is slated to commence late this summer.
Jared Schlosser, head of credit originations at Peachtree Group, said after developing Ann Street Lofts as Georgia’s first large-scale mass timber multifamily project, Tidal opted to pivot the 232-unit property to hotel use after evaluating market conditions. Schlosser noted that the property is positioned for success given Savannah’s strong tourism numbers, with more than 18 million annual visitors coupled with a limited lodging supply within the city’s Historic District.
“There’s a lot of development happening in this immediate area and a lot of planned development happening in this immediate area,” Schlosser told Commercial Observer. “The market continues to have a big influx of tourism and conferences so there is a good mix of demand drivers.”
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