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Cottonwood Group provides $50M mezzanine loan for Hallandale condo tower
The 250-unit Oasis project is expected to complete next year and sits inside a 10-acre mixed-use development that also includes office and retail space.
Cottonwood Group has provided a $50 million mezzanine loan to help developer Giuseppe Iadisernia finish a 250-unit condo tower at the Oasis mixed-use development in Hallandale Beach, Florida, according to Commercial Observer.
The lender is financing the planned high-rise within the 10-acre project at 1000 East Hallandale Beach Boulevard, about a mile west of the beach. Construction is expected to be completed next year, and Emile Schachter’s WD Capital Group brokered the debt, the outlet reported.
Last year, S3 Capital supplied a $112 million construction loan for the same broader development, described as the last phase. Prices for the condos range from $580,000 to $3.5 million, and the development’s commercial components include about 35,000 square feet of office space and 60,000 square feet of retail space, completed in 2024.
Commercial Observer added that the first condo tower in the Oasis project, also a 250-unit 25-story building, received a temporary certificate of occupancy up to the 12th floor last month. The outlet also noted that other Hallandale-area projects have faced financing issues, including a March lawsuit by Monroe Capital tied to a $70 million loan where payments allegedly stopped in February.