The Healthcare Group of BHI, a full-service commercial bank, has arranged $41.86 million in construction financing for the Oasis at Coral Reef, a new 217,123-square-foot luxury senior living facility under development in Miami, Florida, adjacent to Jackson South Medical Center. BHI has provided financing of $31.86 million and Coastal States Bank $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 South 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. Royal Senior Care facilities feature gourmet restaurant-style dining, boutique hotel décor and a variety of luxury amenities.
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,” said Gil Karni, CEO of BHI. “We are committed to the future of this growing sector and to supporting our healthcare clients such as Royal Senior Care.”