Royal Senior Care Secures $41M Loan For Miami Facility

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Owner and operator of senior living facilities Royal Senior Care has secured $41.9 million in construction financing for the development of a 217,123-square-foot, luxury senior living facility in Miami.

The healthcare group of the commercial bank, BHI, arranged the financing on behalf of the borrower, Royal Senior Care. BHI provided $31.9 million in financing for the project and Coastal States Bank has provided $10 million in financing.

The facility, Oasis at Coral Reef, will comprise three buildings situated on an 8.7-acre campus. Located adjacent to Jackson South Medical Center, the facility will offer 201 catered living, assisted living and memory care units, as well as a restaurant-style dining, boutique hotel décor and various luxury amenities.

The project is currently under development.

The financing represents BHI’s second transaction on behalf of Royal Senior Care. In 2018, the commercial bank arranged refinancing for Royal Senior Care’s Oakmonte of Davie senior housing facility in Davie, FL.

“BHI has proven to be a highly supportive partner over the years,” states Sean Kanov, managing director of Royal Senior Care. “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.”

 

“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,” says Tami Antebi, first VP and head of BHI Healthcare. “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.”

 

“BHI aims to build long-term relationships with clients by becoming acquainted with their business objectives and providing tailored financial solutions to meet them,” says Steven Caligor, EVP and division executive of structured finance group at BHI. “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.”

 

Source:  GlobeSt.

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Medical Offices Are Just What The Doctor Ordered For Landlords

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Medical offices have been a bright spot for real estate investors during the pandemic, despite the fact that telehealth saw a boom during the pandemic.

Doctors and medical professionals have remained on time with their rent payments in the past year, unlike other office tenants, the Wall Street Journal reported. While some tenants have paid less than 85 percent of rent collections, medical professionals have paid 95 percent of rent owed.

And despite in-person visits falling 60 percent early on in the pandemic, telemedicine appointments accounted for just over 8 percent of visits in December, indicating that patients are going back to offices.

Property owners have continued investing in the field. While sales volume for all commercial real estate dropped 32 percent in 2020 compared to the year prior, $11.2 billion worth of medical office buildings were purchased in 2020. That’s only slightly below the $12 billion worth of properties bought in 2019.

Major players are now entering the field. MedCraft Investment Partners launched a $500 million fund in January that will be dedicated to medical office acquisitions. Additionally, Kayne Anderson Real Estate is closing a $2.5 billion fund that will devote half of its fund to medical offices.

 

Source: The Real Deal

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Partnership To Develop 87-Acre Healthcare Campus In Panama City Beach

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The St. Joe Co., Tallahassee Memorial HealthCare Inc. (TMH) and Florida State University College of Medicine have partnered to develop a healthcare campus in Panama City Beach.

The campus’ planned location is on an 87-acre parcel near the intersection of State Highway 79 and Phillip Griffitts Sr. Parkway. The property is planned to be close to the Latitude Margaritaville Watersound community, a 55-and-older community that is planned for 3,500 homes.

Future development plans of the healthcare campus include the construction of an emergency center and 100-bed inpatient facility offering services such as gastroenterology, urology, gynecology, cardiology and general surgery, among others. The parties intend to create a local fiduciary governance structure for the planned campus.

TMH currently serves 17 counties in Florida and Georgia. This would be its first facility in Bay County. The parties intend to break ground on the project as early as 2022.

 

Source:  RE Business

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Investor Alert: Land For Sale Next To AdventHealth’s Orlando Campus

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Several properties are hitting the market in a hot corner near downtown Orlando, College Park and Winter Park.

Roughly 3.4 acres are for sale southeast of Wilkinson Street and Orange Avenue near AdventHealth‘s downtown Orlando campus.

JLL‘s John Gilbert and Darryl Hoffman are marketing the properties separately, but combined they may offer a larger redevelopment opportunity which could create jobs and provide new amenities to residents, workers and more.

No one is under contract to buy the properties, which feature roughly 38,000 square feet of commercial space built between 1958-1981, Orange County records show.

Property owners include John W Davies Revocable Living Trust, Orlando Dental Medical Center Inc. and 600 Wilkinson LLLP. Combined, the properties have a market value of $5.8 million, according to the Orange County Property Appraiser. Some parcels have approvals for future development. For example, the 1-acre 600 Wilkinson St., which features an 11,500-square-foot building with short-term leases, can be converted into a 60,000-square-foot, four-story office building with parking garage, according to marketing materials.

 

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Investor With His Eye On Medical Offices Continues Buying Spree, Snags West Palm Beach Office Buildings For $7M

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An investor is continuing his South Florida office shopping spree, scooping up a West Palm Beach property for $7 million.

Allen Chelminsky, through his affiliate Palm Beach Lakes Corporate Center, bought two office buildings at 2001 and 2007 Palm Beach Lakes Boulevard from Ganzer Brothers, a company managed by Glen Ganzer, a deed shows. Chelminsky took out a $5.6 million mortgage from Ganzer Brothers.

The purchase includes a one-story, 10,206-square-foot medical office building; and a five-story, 39,442-square-foot office building that also allows for medical offices, according to property records. The buildings were built in 1973 and 1974.

Ganzer Brothers bought the buildings in 2001 for $4.4 million from 2001 Partners, an affiliate of Royal Landscaping in Boynton Beach, a deed shows.

Chelminsky’s latest purchase follows his acquisition in October of the two-tower office complex Concept II in Lake Worth Beach for $10.9 million. In July 2019, Chelminsky bought another pair of office buildings at 7100 West Commercial Boulevard and 7200 West Commercial Boulevard in Lauderhill for $5 million.

The investor is focusing on medical offices, as both buildings he bought in 2019 are medical offices, and a healthcare services firm occupies the property he bought last year.

In Chelminsky’s most recent acquisition, the smaller one-story building is occupied by an MD Now Urgent Care.

 

Source:  The Real Deal

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