Developer Giuseppe Iadisernia scored an $85 million construction loan for a 250-unit Hallandale Beach condo tower.
The deal comes as South Florida construction lending continues to flow, especially for condo projects, despite elevated interest rates and economic uncertainty.
Iadisernia scored the financing for the 25-story West tower, which is already under construction, as part of the 10-acre Oasis Hallandale mixed-use development at 1000 East Hallandale Beach Boulevard, according to the project’s spokesperson. The loan also is for the adjacent garage, which will include a pool deck and green space.
New York-based real estate investment trust Franklin BSP Realty Trust is the lender, records show.
As construction of the West tower is up to the 16th floor, 75 percent of the units have been presold, a news release says. The tower will offer one-bedroom to three-bedroom condos and two-story penthouses, with units ranging from 900 square feet to 4,750 square feet. The condos are priced from $675,000 to $4.4 million. The building is expected to be completed next year, according to the release.
Oasis Hallandale also will include a second 25-story, 250-unit condo tower, as well as 95,000 square feet of recently completed retail, dining and office space.
Already open at the commercial space is Gabriela Iadisernia’s Oasis Fit gym, offering personalized fitness plans, infrared sauna, cryogenic chamber and biohacking technology. Gabriela Iadisernia is Giuseppe Iadisernia’s daughter.
In other recent South Florida construction loans, Latitude Group in June landed $24.5 million to build the planned 10-story The Terraces building with 22 condos at 527 Orton Avenue in Fort Lauderdale. Also in June, in a record condo financing for Florida, PMG and its partners scored a $668 million construction loan for the Waldorf Astoria Hotel & Residences supertall at 300 Biscayne Boulevard Way in downtown Miami. Bank OZK and Related Fund Management provided the financing for the tower, which will have 387 condos and 205 hotel rooms and suites.
Multifamily construction financing also has been flowing. Last month, Estate Companies nabbed $72.5 million for its planned 321-unit apartment complex with two eight-story buildings at 520 North Rosemary Avenue in downtown West Palm Beach.