Miami Senior Housing Project Lands $42M Loan
- Apr 16, 2021
Royal Senior Care has received $41.9 million in construction financing for its upcoming, 217,123-square-foot luxury senior community, dubbed The Oasis at Coral Reef, in Miami’s Richmond Heights neighborhood.
BHI’s Healthcare Group arranged the debt, which included a $31.9 million loan provided by BHI, along with a $10 million note from Coastal States Bank. The deal marks BHI’s second collaboration with the developer, following a 2018 refinancing of a senior care facility near Miami, named Oakmonte Village of Davie.
The Oasis at Coral Reef will offer a mix of 201 catered living, assisted living and memory care units across its three buildings. The property is designed to incorporate boutique hotel décor and offer restaurant-style dining and other luxury amenities.
The development’s 8.7-acre site is located adjacent to Southwest 152nd Street, between Jackson South Medical Center and AHS Development Group’s recently delivered, 175-unit Coral Reef Apartments. U.S. Highway 1 is less than 1 mile east, and downtown Miami is 15 miles northeast.
The senior housing sector has faced significant challenges during the past year, particularly as occupancy rates continue to fall. Despite headwinds, however, notable transactions are still closing: In January, Aegis Living joined forces with Blue Moon Capital Partners to purchase a three-state, $350 million senior housing portfolio.