Friday, September 27, 2013

Lowe Enterprises Lands $40M Bridge Loan for Condo Conversion

A pension fund client of Los Angeles-based real estate investment manager Lowe Enterprises Investors secured a $40 million bridge loan for the Abitare Apartments, a 353-unit, nine-building multifamily development in Voorhees, N.J.

Built in 2009, the community is located at 10000 Towncenter Boulevard in the Voorhees Town Center, a 732,000-square-foot mixed-use development that includes an enclosed mall anchored by Macy’s and Boscov’s.

The three-year, floating rate loan with Capital One Bank will be used to retire existing financing, buy out a ground lease, and finish converting previously planned condominium units at the property into rental units.

A team from HFF team represented Lowe Enterprises and its client in securing the financing. HFF Managing Director Jim Cadranell and Associate Director Michael Lachs handled the transaction.

Earlier this month, Lowe Enterprises named Woodmont Properties to serve as the property, development and construction manager for its Abitare Apartments.

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