New Jersey-based Woodmont was brought on board this summer to perform renovations to an existing clubhouse and lobbies, in addition to adding rental units for a total of 425 at the complex.

The Town Center is 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.

It currently has 315 rental units that are 94% leased, 38 partially completed units that will be converted to rental apartments, and two pad sites approved for 72 new units. Abitare has studio, one-, two- and three-bedroom units ranging from 650 square feet to 1,743 square feet spread out among nine buildings, each three- to four-stories high.

The community has an outdoor pool, fitness center and garage parking.

HFF's Jim Cadranell and Michael Lachshandled the financing deal.

VOORHEES, NJ-HFF has secured a $40 million bridge loan for Abitare Apartments, a 353-unit, nine-building rental complex here that is undergoing renovation and expansion by Woodmont.

HFF represented Abitare's ownership, a pension-fund client of Lowe Enterprises, in arranging a three-year, floating rate loan with Capital One Bank.

Loan proceeds will be used to retire existing financing, purchase a ground lease, and complete conversion of previously planned condominium units at the property to rental units.

Abitare is located at 10000 Towncenter Blvd. within Voorhees Town Center, a mixed-use development created four years ago in this southern New Jersey/Philadelphia suburb.

New Jersey-based Woodmont was brought on board this summer to perform renovations to an existing clubhouse and lobbies, in addition to adding rental units for a total of 425 at the complex.

The Town Center is 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.

It currently has 315 rental units that are 94% leased, 38 partially completed units that will be converted to rental apartments, and two pad sites approved for 72 new units. Abitare has studio, one-, two- and three-bedroom units ranging from 650 square feet to 1,743 square feet spread out among nine buildings, each three- to four-stories high.

The community has an outdoor pool, fitness center and garage parking.

HFF's Jim Cadranell and Michael Lachs handled the financing deal.