Alliance Residential takes out $38M loan on Broward site

Miami /
May.May 19, 2015 03:45 PM

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.


Related Articles

arrow_forward_ios
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Steven and Beth Millner with One Thousand Ocean (Patrick McMullan/Getty, Google Maps)
Private equity honcho pays $5M for Boca Raton condo
Private equity honcho pays $5M for Boca Raton condo
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
Gables Town Colony apartment complex, Sue Ansel of Gables Residential
Gables Residential scores $85M loan for Boca Raton apartment complex
Gables Residential scores $85M loan for Boca Raton apartment complex
Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya
Nuveen pays $103M for West Palm luxury apartments
Nuveen pays $103M for West Palm luxury apartments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...