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TriBridge Residential Acquires $45M, 1902-Vintage Adaptive Reuse Community in Gastonia
Atlanta, GA-based TriBridge Residential has completed its $44.8-million acquisition of Loray Mill Lofts, a mixed-use community with 189 units and 75,000 square feet of commercial space in Gastonia, NC.
The 1902-constructed asset on South Firestone Street was renovated in 2016. It spans 600,000 square feet on a 12-acre lot within the historical neighborhood of Loray Mill Village.
Jack Lenihan and Connor Kerns of Matthews Real Estate Investment Services represented the seller, Loray Mill Redevelopment, LLC. According to the brokerage, its client was looking to take advantage of the high-priced market and list before interest rates increased so potential buyers could receive favorable lending terms.
“Loray Mill Lofts checked all the boxes in TriBridge’s adaptive reuse investment strategy,” said Kerns. “They were able to execute on a complicated transaction that included a potential Phase 2 build out, a tax abatement, two TIF structures, commercial tenant negotiations, complicated title work and a rapidly changing financing environment.”
Lee McNeer of PGIM Real Estate arranged a $29.3 million Freddie Mac floating rate loan on behalf of the borrower.
- ◦Sale/Acquisition
