Plant Riverside, Savannah, Georgia

Octagon was engaged to provide historic tax credit (HTC) bridge financing to rehabilitate the Plant Riverside power plant along the riverfront in Savannah, Georgia. This loan bridged state and federal HTC for a $15 million advance at the pre-construction stage, secured by the combined tax credits. The City of Savannah directly funded a portion of the project along with a mezzanine loan from the J.W. Marriot Corporation for the conversion of the plant to a hotel.

Constructed in 1912, the Plant Riverside provided electricity until 2005. In the 1970s River Street was redeveloped and is now a major tourist destination in Savannah, with Plant Riverside serving as the western anchor. The JW Marriott Savannah Plant Riverside District is today a luxurious and vibrant hotel blending historic industrial architecture with modern elegance and upscale amenities.