Nuveen Arranges C-PACE Loan for Converted Gastonia Cotton Mill

Lansing Melbourne Group obtained a $6.5 million C-PACE loan from Nuveen for the Trenton Mill Lofts, an 85-unit apartment complex that was previously Trenton Cotton Mill, Gastonia’s oldest standing textile mill. Built in 1897, it had stood abandoned since then. In 2022, Lansing Melbourne converted it to an upscale multifamily property, which boasts apartments and loft-style homes, as well as a fitness studio, lounge, hammock park and firepit area.

The financing was utilized to recapitalize key energy efficiency improvements, as well as associated soft costs, which were made to the historic mill as part of the 2022 adaptive reuse project.

Trenton Mill Lofts is located in the heart of Gastonia’s Franklin Urban Sports & Entertainment (FUSE) district, a 16-acre area that is part of an economic development and revitalization project designed to attract investment and new development to Gastonia, considered a satellite city of Charlotte.