NEW YORK, – BHI, a full-service commercial bank, announced that its Healthcare Group has arranged $41,860,000 in construction financing for the Oasis at Coral Reef, a new 217,123-square-foot luxury senior living facility under development in Miami, adjacent to Jackson South Medical Center. BHI has provided financing of $31,860,000 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. We are committed to the future of this growing sector and to supporting our healthcare clients such as Royal Senior Care,” said Gil Karni, CEO of BHI.
“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,” said Sean Kanov, Managing Director of Royal Senior Care.
“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,” said Tami Antebi, First Vice President and Head of BHI Healthcare.
“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,” said Steven Caligor, EVP, Division Executive of Structured Finance Group at BHI.