Funding obtained for Oasis at Coral Reef Luxury Senior Housing, Miami
Royal Senior Care has secured a US $ 42 million construction loan for the development of Oasis at Coral Reef, a luxury senior housing development in Miami, Florida. Funding for the 217,123-square-foot development was arranged by the commercial bank’s healthcare group, BHI, which provided US $ 31.9 million, and the remaining US $ 10 million was provided by the Coastal States Bank. The facility, Oasis at Coral Reef, will consist of three buildings located on an 8.7-acre campus. Located adjacent to the Jackson South Medical Center, the facility will offer 201 catering, assisted living and memory care living units, as well as a restaurant style dining, boutique hotel decor and various luxury amenities.
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Luxury senior accommodation Oasis at Coral Reef
Royal Senior Care subsidiary RSC Coral Reef Propco purchased the land in January 2020 for US $ 7.55 million from a subsidiary of Healthcare Trust of America. The Oasis at Coral Reef luxury senior housing is slated for completion in 2022. Senior citizens’ residences, as well as assisted living and memory care centers, saw investment selling activity in southern Florida, even in the midst of the pandemic. More recently, Boca Raton-based PrivCap companies sold the Midtown Manor assisted living facility in Hollywood for US $ 9.7 million. “BHI has proven to be a very supportive partner over the years,” says Sean Kanov, Managing Director of Royal Senior Care. “The BHI healthcare team is expert in the intricacies of the senior living industry and understands our business. We are very happy to collaborate with them again.
“Although 2020 has been a challenge for many operators of retirement homes, assisted living and memory care, BHI believes in the outlook and demographics of the business,” says Tami Antebi, Senior Vice-President. president and director of BHI Healthcare. “We continue to support our clients and provide financing in the sector. “BHI aims to build long-term relationships with its clients by learning about their business goals and providing them with tailored financial solutions to achieve them,” said Steven Caligor, Executive Vice President and Division Director of the Finance Group structured from BHI.