The Real Deal Miami

Alliance Residential takes out $38M loan on Broward site

Coconut Creek complex has 396 rental apartments

May 19, 2015 03:45PM
By Sean Stewart-Muniz

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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.

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.