Alliance nabs $50M loan for downtown West Palm Beach apartments

Broadstone at Clematis will be a 322-unit, eight-story apartment project

TRD MIAMI /
May.May 11, 2016 02:15 PM

Phoenix, Arizona-based Alliance Residential Co. has just closed on a development site in West Palm Beach and secured a $50 million loan. 

Records show the multifamily developer and management company paid about $10 million for the 2.57-acre assemblage at 410 and 424 Datura Street, 427 Evernia Street and 207 South Dixie Highway, which covers about two blocks in downtown West Palm Beach.

Broadstone City Center LLC, a company tied to Alliance and AIG Global Real Estate, is the new owner of the land. Citizens Bank provided the $50.4 million in financing for the land.

Alliance filed plans with the city last year to build a 322-unit, eight-story apartment building on the development site, which is across from All Aboard Florida’s West Palm Beach station scheduled to open next year.

All Aboard’s location between CityPlace and Clematis Street/downtown has created development buzz. Nearby, All Aboard’s parent company, Florida East Coast Industries, has plans for a 275-unit, 23-story apartment building on Evernia just west of Quadrille.

Alliance has spent more than $10 billion on properties throughout the United States and manages a $14 billion portfolio, according to its website. The company has projects in Broward, including a planned 400-unit apartment development in Plantation and completed developments in Boca Raton and Coconut Creek, plus an upcoming Broadstone-branded complex in Fort Lauderdale on the site of the former Art Institute campus.


Related Articles

arrow_forward_ios
Kasperi Kapanen and 2603 Embassy Drive (Credit: Jeff Zelevansky/Getty Images)

Pittsburgh Penguins’ Kasperi Kapanen scores West Palm Beach home

Pittsburgh Penguins’ Kasperi Kapanen scores West Palm Beach home
827 South SR 7, Fort Lauderdale & 1200 South Congress Ave, West Palm Beach (Credit: Google Maps)

Off Lease Only sells two South Florida locations for $50M

Off Lease Only sells two South Florida locations for $50M
The Bristol (iStock)

Insurance exec sells Bristol condo in West Palm for $8M

Insurance exec sells Bristol condo in West Palm for $8M
750 Malibu Bay Drive, West Palm Beach, Jeremy Bronfman, and Matthew Rieger of HTG

Seagram scion pays $38M for West Palm affordable housing

Seagram scion pays $38M for West Palm affordable housing
Steven Hudson and the Bristol

Ka-ching: Financial services honcho pays $7M for condo at The Bristol

Ka-ching: Financial services honcho pays $7M for condo at The Bristol
Jonathan Shechtman from Axonic and Herve Barbera from Bar, with 4860 Sandstone Lane

Bar Invest pays $56M for West Palm apartments

Bar Invest pays $56M for West Palm apartments
Angela Koch, Gary Lachman and 4417 South Flagler Drive (Douglas Elliman, Greenspoon Marder)

Ex-wife of billionaire Bill Koch sells West Palm home

Ex-wife of billionaire Bill Koch sells West Palm home
Charles Cohen and a rendering of the project (Getty, Pelli Clarke Pelli Architects)

Billionaire Charles Cohen proposes 338-foot tall office tower in West Palm

Billionaire Charles Cohen proposes 338-foot tall office tower in West Palm
arrow_forward_ios

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

Loading...