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
Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Shoppes at Southern Palms

Kohl’s-anchored shopping center in West Palm goes for $24M

Howard Lorber and a rendering of the Bristol

Howard Lorber picks up unit at the Bristol in West Palm Beach

Daily Digest Miami

Heir to Merck pharma fortune sells Palm Beach estate, Brookdale buys back Sawgrass Park portfolio for $80M: Daily digest

345 30th Street, Brandon J. Rex and Evan P. Kristol

Rosen Equities picks up West Palm Beach apartments for $6M

Daily Digest Miami

Ben Carson talks Opportunity Zones, top developers riff on condos vs. rentals: Daily digest

Daily Digest Miami

Quiksilver signs a lease in Miami Beach, Delray Beach’s Atlantic Crossing announces first retail and office tenants: Daily digest

The Bristol and Thomas J. Healey

Financial mogul pays $6.5 million for unit at the Bristol in West Palm

arrow_forward_ios