Royal Senior Care has secured a US$42 million construction loan for the development of Oasis at Coral Reef luxury senior housing development in Miami, Florida. Funding for the 217,123-square-foot development was arranged by the healthcare group of the commercial bank, BHI, which provided US$31.9 million, and the remaining US$ 10 million was provided by Coastal States Bank. The facility, Oasis at Coral Reef will comprise three buildings situated on an 8.7-acre campus. Located adjacent to Jackson South Medical Center, the facility will offer 201 catered living, assisted living, and memory care units, as well as a restaurant-style dining, boutique hotel décor, and various luxury amenities.
Oasis at Coral Reef luxury senior housing
Royal Senior Care affiliate RSC Coral Reef Propco bought the land in January 2020 for US$7.55 million from an affiliate of Healthcare Trust of America. The Oasis at Coral Reef luxury senior housing is expected to be finished in 2022. Senior living, as well as assisted living and memory care centers, have experienced investment sales activity across South Florida, even amidst the pandemic. Most recently, Boca Raton-based PrivCap Companies sold Midtown Manor assisted living facility in Hollywood for US$9.7 million. “BHI has proven to be a highly supportive partner over the years,” states Sean Kanov, managing director of Royal Senior Care. “BHI’s healthcare team is expert in the intricacies of the senior living sector and understands our business. We are very pleased to collaborate with them again.”
“Although 2020 was a challenge for much senior living, assisted living and memory care operators, BHI believes in the outlook and demographics of the business,” says Tami Antebi, first VP and head of BHI Healthcare. “We continue to support our clients and provide financing in the sector. “BHI aims to build long-term relationships with clients by becoming acquainted with their business objectives and providing tailored financial solutions to meet them,” says Steven Caligor, EVP and division executive of structured finance group at BHI.