Developer obtains $23M construction loan for Oasis Hallandale
The developer of Oasis Hallandale obtained a $22.5 million construction loan for the initial phases of the mixed-use project.
Miami-based City National Bank of Florida awarded the mortgage to Hallandale Oasis 2019 LLC, managed by developer Guiseppe Iadiserma, for the 10.1-acre project at 1100 E. Hallandale Beach Blvd. Fort Lauderdale-based MGM Construction Group is the general contractor.
The developer broke ground on the commercial portion of the project in May 2020, a few months after the Covid-19 pandemic started. The five buildings will have a combined 59,219 square feet of retail and restaurants, and 34,691 square feet of offices, plus green space designed to look like an urban oasis with fountains and greenery.
Oasis Hallandale spokeswoman Vanessa Vitale said the construction loan will cover the commercial portion of the project, which is considered the first two phases. The first commercial and office buildings should be completed this summer. The developer has yet to reveal any tenants.
The residential portion of Oasis Hallandale should break ground in fall or winter 2022, she added. The developer is already taking reservations for condo units.
Two 25-story condo towers will have a combined 500 units. They will range from 891 to 1,843 square feet.
Given the increase in condo sales throughout South Florida, this appears to be a good time to move forward with the condo development. The project is also near the popular Gulfstream Park racecourse, casino and retail center. Oasis Hallandale was designed by Arquitectonica.
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