The Real Deal Miami

Little Havana nursing home and rehab center scores $23M loan to expand

Victoria nursing home purchased three stories in the office condo building
By Keith Larsen | July 03, 2018 11:45AM

Victoria Nursing and Rehabilitation Center

Victoria Nursing and Rehabilitation Center just secured a $23.2 million loan from Ocean Bank to purchase additional space at its Little Havana location and expand the facility by 48 beds.

Victoria Nursing and Rehabilitation Center used the loan to purchase three stories of an eight-story office condominium building and the parking garage at 955 Northwest Third Street in Miami, according to a press release. The nursing home, which operates a 230-room, 264-bed skilled nursing facility in the building, owns the existing space.

Elena Aidova from Holland & Knight LLP represented Ocean Bank, while Thomas Ice from Middleton Reutlinger represented the nursing home, according to the release.

The 183,247-square-foot building was built in 1971 and underwent major renovations in 2001. Victoria Nursing & Rehabilitation Center is the longest, continuously operating private hospital in Miami, having opened in 1924 as Victoria Hospital, according to its website.

Ocean Bank is one of South Florida’s largest banks with $3.8 billion in assets and is an active commercial real estate lender. The bank recently provided the financing for Melo Group’s Art Plaza, two 34-story buildings with 667 multifamily units under construction at 58 Northeast 14th Street, in Miami’s Arts & Entertainment District.