Northwestern Mutual Life Insurance Company has provided Alliance Residential with a $38m mortgage on the Broadstone Cypress Hammocks apartment complex in Coconut Creek, Florida.
Northwestern Mutual’s fixed rate loans, typically non-recourse, carry a minimum five-year duration and maximum 75% loan-to-value. The lender and borrower did not respond to requests for additional comment.
Alliance had reportedly purchased the land in 2012 for $12.5m, the same year construction began on the project. Completed last year, the 24-acre development, at 5201 West Hillsboro Boulevard, has 23 buildings and 396 rental apartments. The apartment complex was said to be the first new rental construction to rise at Coconut Creek in more than 10 years.
The complex features an “Old Florida” architectural style, with metal roof accents and a stacked stone exterior. Two lakes were created within the development to give each apartment views of the water and a wooded preserve surrounding the area. Additional amenities include a pool with cabanas, a community playground, gym, cyber cafe, and movie theater.
Phoenix, Arizona-based Alliance is one of the largest apartment builders in the US, managing a $9bn portfolio across the country. Coconut Creek, a city in Broward County, Florida, seceded from Pompano Beach, Florida in the 1960s.