**Third & Urban, TPG Angelo Gordon Secure $51.4M Refinance for Charlotte Adaptive Reuse Portfolio**
Third & Urban and TPG Angelo Gordon have secured a $51.4 million loan to refinance the Lower Tuck portfolio—an adaptive reuse development comprising 247,223 square feet of Class A office and retail space in Charlotte, North Carolina. At the time of the refinancing, the portfolio was 63.6% leased to 20 tenants.
The floating-rate, full-term interest-only loan was arranged by CBRE Debt & Structured Finance through Barings. The CBRE team included Brian Linnihan, Mike Ryan, Richard Henry, and JP Cordiero, all based in Atlanta.
The Lower Tuck portfolio consists of three single-story buildings that have been repurposed into creative office and retail spaces:
– **929 Jay Street**: An 84,919-square-foot creative office building featuring timber ceilings.
– **1018 Jay Street**: A 69,774-square-foot building with 61,000 square feet of office and 8,089 square feet of retail space. It includes eight studio suites totaling 17,579 square feet, all of which are fully leased.
– **800 Gesco Street**: A 92,530-square-foot property with 83,979 square feet of creative office space and 8,551 square feet of retail.
This transaction reflects continued confidence in adaptive reuse projects in growing urban markets such as Charlotte.
