Washington D.C. – May 1, 2026: The National Trust Community Investment Corporation (NTCIC) is proud to announce our successful closing of financing for phase two of the Loray Mill revitalization in Gastonia, North Carolina. The $52 million historic preservation effort led by Tribridge Residential will transform the long-vacant section of one of the state’s most significant industrial landmarks into new housing opportunities in the Charlotte suburbs.
A Landmark of Industry and Labor History
Constructed between 1900 and 1922, Loray Mill stands as a nationally significant example of early twentieth‑century industrial construction and, at over 600,000 square feet, one of the largest textile mills ever built in North Carolina. Originally developed for cotton cloth production, the mill later transitioned to tire fabric manufacturing following its acquisition by the Jenckes Spinning Company in 1919, with major expansions completed in 1921 and 1922.
The mill is also historically notable as the site of the 1929 Loray Mill Strike, which involved more than 1,000 workers and brought national attention to labor conditions in the Southern textile industry. After the strike, the mill closed and was later purchased by Firestone Tire and Rubber Company, which operated the facility until 1993. Following decades of vacancy, rehabilitation efforts began in 2013 and continue today.
“Few buildings in the Southeast carry the weight of Loray Mill — it powered Gastonia’s rise as Spindle City and anchored the region’s textile economy for nearly a century before sitting largely vacant for decades,” said Josh McPherson of Tribridge Residential. “Tribridge owns and operates historic properties across the Southeast, and we’re proud to take on the final chapter of one of the most ambitious mill rehabilitations in the region.“
“NTCIC was the right capital partner for a transaction this complex, pairing the federal HTC with the North Carolina Mill Rehabilitation Tax Credit. Construction is now underway, returning a cornerstone of Gastonia’s history to active use for generations to come.”
- Josh McPherson
- Tribridge Residential
Anchoring a Revitalized Mill Village
Loray Mill Lofts Phase 2 completes the adaptive reuse of the historic mill by converting the long‑vacant west block into 143 market‑rate apartments with resident amenity spaces. The project builds on Phase 1 of the redevelopment, which delivered nearly 200 apartments along with commercial space and shared amenities, including an expansive and publicly accessible gym, that now anchor the mill campus.
The new residences feature one‑, two‑, and three‑bedroom units designed to preserve the building’s historic industrial character through open floor plans, high ceilings, exposed brick, and visible structural elements, while introducing modern amenities that support long‑term residential use. Together, the project represents a key component of the broader revitalization of the Loray Mill Village.
“We bring extensive experience executing complex financial structures that incorporate federal, state, and local incentives in support of historic preservation. These tools allow projects like Loray Mill to move forward while maintaining the integrity of places that are deeply important to their communities.”
- Carolyn Tom
- Project Manager at NTCIC
Financing Preservation
NTCIC made an equity investment in the $8.3 million Federal Historic Tax Credits, as well as the $16.5 million North Carolina Mill Rehabilitation Tax Credits, to support the preservation efforts of the final phase of revitalization.
NTCIC served as the Federal Historic Tax Credit and North Carolina Mill Rehabilitation Tax Credit investment sourcer, underwriter, and closer for the transaction, and will serve as asset manager throughout the compliance period. The North Carolina Mill Rehabilitation Tax Credit played an important role in supporting reinvestment in a long‑vacant industrial property and encouraging continued preservation activity in distressed communities.