South Florida Condos Clear $112M
The building is part of the final phase of a mixed-use project taking shape to the north of Miami.
Oasis East Tower, a 250-unit luxury condominium project taking shape along the coast of Hallandale Beach, Fla., has received a $112 million construction loan. S3 Capital originated the financing for this final component of a mixed-use project that will deliver restaurants, shops, and residences in the South Florida cities of Hallandale Beach and Aventura.
According to the The Real Deal, Oasis East Tower is being developed by private investor Giuseppe Ladisernia. About eight years ago, 11 acres were secured for the project, which to-date has already seen the completion of four commercial buildings.
Prior to the loan closing, Oasis East Tower had its foundation work finished, and the project will break ground shortly.
Identical to the Oasis East Tower that S3 is financing is Oasis West, which is more than 80 percent finished and has 200 units under contract. Occupancy there is expected by the fourth quarter this year.
Condo competition in South Florida
Condos remain a strong development prospect for investors in the Sunshine State’s largest metro area.
Last week, the Related Group started construction of Andare Residences Design by Pininfarina, a 46-unit tower taking shape in Fort Lauderdale. Upon completion, it will be the tallest residential building in Broward County.
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A fortnight earlier, PMG landed $413 million in construction financing for One Twenty Brickell Residences, a two-building mixed-use project with 803 residences. It’s the largest single loan transaction closed for a multifamily property so far this year.
