Developer Iadisernia Lands Mezz Loan to Finish Hallandale, Fla., Condo Tower

More than a year after landing a $112 million loan to complete a mixed-use project in Hallandale Beach, Fla., developer Giuseppe Iadisernia has secured yet more debt. 

Cottonwood Group supplied a $50 million mezzanine loan for a 250-unit condo tower within the 10-acre Oasis mixed-use development at 1000 East Hallandale Beach Boulevard, about a mile west of the beach, the L.A.-based lender announced Wednesday. 

Construction is expected to be completed next year. Emile Schachter’s WD Capital Group brokered the debt. A representative for the lender has yet to provide figures regarding condo sales.

Last year, S3 Capital had provided the $112 million construction loan for the 25-story tower, considered the last phase of the mixed-use broader development. Prices range from $580,000 and $3.5 million.

Just last month, the first condo tower, also a 250-unit, 25-story high-rise, secured a temporary certificate of occupancy up to the 12th floor. The development includes a commercial portion with about 35,000 square feet of office space and 60,000 square feet of retail space, which was completed in 2024. 

Since the pandemic, when northerners flocked to Florida, Hallandale has been going upscale. In 2024, Witkoff and PPG Development nabbed a $273 million construction loan for a 20-story condo and hotel building within their exclusive Shell Bay golf country club. 

But some projects have struggled. In March, Monroe Capital sued PPG Development’s Ari Pearl and the principals of BH3 over a $70 million loan tied to Hallandale Beach Residences, The Real Deal reported. The lender alleged the developer stopped making payments in February. 

Julia Echikson can be reached at jechikson@commercialobserver.com.