Miami nursing center owner gets $29M loan

Ocean Bank provides mortgage for 264-bed Victoria facility
August 08, 2014 10:30AM

Victoria Nursing and Rehabilitation Center (inset: Jim Dockerty)

The owner of Miami’s Victoria Nursing and Rehabilitation Center received a $29 million loan from Ocean Bank.

Victoria Nursing and Rehabilitation Center Inc. got a 15-year, fixed-rate mortgage for the 85,770-square-foot skilled nursing facility at 955 Northwest Third Street, according to Thursday’s written statement from HFF, which represented the borrower in the transaction. HFF did not disclose the interest rate.

The facility encompasses five floors within the eight-story Victoria Medical Center. The building was originally constructed in 1971 and underwent an extensive renovation in 2001. It includes 264 beds, 196 of which are private.

HFF managing director Jim Dockerty and senior real estate analyst Scott Wadler arranged the transaction on behalf of Victoria.

“The Victoria Nursing Center is a five-star, skilled nursing facility and the professional team at Ocean Bank provided a competitive priced and creative financing solution for our client,” Dockerty said. — Eric Kalis