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| Abitare Apartments, 10000 Towncenter Boulevard within Voorhees Town Center, Voorhees, NJ |
FLORHAM PARK, NJ – HFF announced today that it has arranged
a bridge loan for Abitare Apartments, a 353-unit, nine-building,
multi-housing community in Voorhees, New Jersey, a suburb of Philadelphia.
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| Jim Candranell |
HFF
represented Lowe Enterprises Investors on behalf of one of its pension fund
clients to secure the three-year, floating rate loan with Capital One
Bank. Loan proceeds will be used to
retire existing financing, purchase a ground lease, and complete the conversion
of previously planned condominium units at the property to rental units.
Abitare Apartments is located at 10000 Towncenter Boulevard
within Voorhees Town Center, a 732,000-square-foot mixed-use development
including an enclosed mall anchored by Macy’s and Boscov’s, “The Boulevard”
retail shops, and office, restaurant and educational space.
Completed in 2009,
the property is situated above and around “The Boulevard” and consists of 315
completed rental units that are 94 percent leased, 38 partially completed units
that will be converted to for rent units, and two pad sites entitled for the
potential development of 72 apartment units.
Units are offered in
studio, one-, two- and three-bedroom layouts averaging 1,036 square feet
each. Community amenities include a
clubhouse, fitness center, billiard room, business center, outdoor pool and
garage parking.
The
HFF team representing Lowe Enterprises Investors and its client was led by
managing director Jim Cadranell and associate director Michael Lachs.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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