**Third & Urban and TPG Angelo Gordon Secure $51.4M Loan for Charlotte Adaptive Reuse Portfolio**
Third & Urban, in partnership with TPG Angelo Gordon, has secured a $51.4 million refinancing loan for Lower Tuck, a mixed-use adaptive reuse portfolio located in Charlotte, North Carolina. The 247,223-square-foot collection of repurposed buildings was 63.6% leased to 20 tenants at the time of the transaction.
The floating-rate, full-term interest-only loan was arranged by CBRE’s Debt & Structured Finance team in Atlanta. Team members Brian Linnihan, Mike Ryan, Richard Henry, and JP Cordiero represented the sponsors in the transaction. Barings provided the financing.
The Lower Tuck portfolio includes three single-story, adaptive reuse buildings retrofitted into Class A office and retail space:
– **929 Jay Street**: An 84,919-square-foot creative office property featuring original timber ceilings.
– **1018 Jay Street**: A 69,774-square-foot building comprised of 61,000 square feet of office space and 8,089 square feet of retail. It also includes eight studio suites totaling 17,579 square feet, all of which are fully occupied.
– **800 Gesco Street**: A 92,530-square-foot property offering 83,979 square feet of creative office space and 8,551 square feet of retail.
The refinancing underscores the increasing demand for adaptive reuse and creative office offerings in Charlotte’s urban core.
