Alliance Grabs $ 46 Million Senior Housing Loan in Delray Beach

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Bruce Ward, CEO of Alliance Residential Company, and 6595 Morikami Park Road (Google Maps)

An 187-unit apartment complex for senior citizens stands west of Delray Beach after the developer bought the property and received a home loan of $ 45.7 million.

Alliance Residential Company, headquartered in Phoenix, Arizona, bought the land at 6595 Morikami Park Road from a subsidiary of Miami-based Millennium Management for $ 8.2 million, records show.

Dallas-based Comerica Bank provided the funding.

Alliance Residential, a multi-family developer and investor led by Bruce Ward, is building the rental community with a 125-parking lot on 7.2 hectares, as stated in its announcement of the start of construction.

The project is managed by Alliance under the Holden senior home brand. According to its website, it also has a Marvelle brand for active adult communities, a Prose brand for staff housing, and a Broadstone brand for other rental projects.

At some of their other Palm Beach County ventures, Alliance is collaborating with The Carlyle Group on a 280-unit apartment project in West Palm Beach. They received a $ 42.9 million construction loan for the project in February.

Florida has long been the first choice among retirees, turning senior homes and assisted living facilities into prime real estate.

Several assisted living facilities have been traded in recent months. Among them, Fortress Investment Group bought the Sonata Center in Coconut Creek in May for $ 11.9 million. And Midtown Al Propco, led by Moshe Soskin and Joseph Hirsch, bought assisted living at Midtown Manor for $ 9.7 million in March.

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