Miami Senior Housing Project Lands $ 42 million loan
Royal Senior Care has received $ 41.9 million in construction funding 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 settled the debt, which included a $ 31.9 million loan from BHI, as well as a $ 10 million note from the 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 living, assisted living and memory care units in its three buildings. The property is designed to incorporate the decor of a boutique hotel and offers restaurant-style dining and other luxury amenities.
The 8.7-acre site of the development is located off Southwest 152nd Street, between the Jackson South Medical Center and the newly delivered Coral Reef Apartments by AHS Development Group. US Highway 1 is less than 1 mile to the east and downtown Miami is 15 miles to the northeast.
The senior housing sector has faced significant challenges over the past year, especially as occupancy rates continue to decline. Despite the headwinds, however, notable deals are still closing: In January, Aegis Living partnered with Blue Moon Capital Partners to purchase a $ 350 million senior housing portfolio in three states.