The healthcare division of BHI arranged $41.8 million in construction financing for the Oasis at Coral Reef, a new 217,123-square-foot senior living facility under development in Miami adjacent to Jackson South Medical Center. BHI provided financing of $31.8 million and Coastal States Bank added $10 million. The borrower is Royal Senior Care, which owns and operates senior living facilities in the southeastern United States with a primary focus in southern Florida.
The Oasis at Coral Reef will offer a total of 201 catered living, assisted living and memory care units in three buildings spread over an 8.67-acre campus.
The Coral Reef transaction marks BHI’s second for Royal Senior Care. In 2018, the bank arranged a refinancing of the company’s Oakmonte of Davie senior housing facility.
“We regard healthcare as a highly strategic vertical within BHI. We are committed to the future of this growing sector and to supporting our healthcare clients such as Royal Senior Care,” Gil Karni, CEO of BHI, said.
“BHI has proven to be a highly supportive partner over the years. 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,” Sean Kanov, managing director of Royal Senior Care, said.
“Although 2020 was a challenge for many senior living, assisted living and memory care operators, BHI believes in the outlook and demographics of the business. We continue to support our clients and provide financing in the sector. Royal Senior Care has a keen understanding of the market. Its communities with their exceptional amenities offer great appeal for residents,” Tami Antebi, first vice president and head of BHI Healthcare, said.
“BHI aims to build long-term relationships with clients by becoming acquainted with their business objectives and providing tailored financial solutions to meet them. Royal Senior Care has a substantial track record of success in the Florida senior care industry. We look forward to continuing our productive partnership going forward,” Steven Caligor, executive vice president and division executive of the structured finance group at BHI, said.
