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Residential
South Florida

Alliance Residential takes out $38M loan on Broward site

Inside the Broadstone Cypress Hammocks complex
Inside the Broadstone Cypress Hammocks complex

Alliance Residential, one of the largest apartment builders in the United States, just inked a $37.7 million mortgage on its newly built rental community in Coconut Creek.

The Broadstone Cypress Hammocks complex is a 24-acre development at 5201 West Hillsboro Boulevard. Alliance purchased the land in 2012 for $12.5 million, according to Broward County property records, and began construction the same year.

The community, with its 23 buildings and 396 rental apartments, was finished a year later.

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An affiliate of Alliance took out the mortgage with the Northwestern Mutual Life Insurance Company, a Milwaukee, Wisconsin-based financial services company.

Leases for the apartments, which average 965 square feet, range from $1,100 to $1,800 and more for a year-long lease, the Sun-Sentinel reported in 2012. Amenities include lake views, a resort-style pool with cabanas, a community playground, gym, cyber cafe, and movie theater.

Alliance is based in Phoenix, Arizona, and manages a $9 billion portfolio across the country, according to its website.

The company’s local projects include finished communities in Coconut Creek and Boca Raton, plus an upcoming Broadstone-branded complex in Fort Lauderdale on the site of the former Art Institute campus.