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Atlanta & Southeast  + Carolinas  + Apartments  | 
TriBridge Residential purchased Loray Mill Lofts apartments in Gastonia, NC for $44.8 million.

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.

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Matthews Real Estate Investment Services' Kerns

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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