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

Victoria nursing home purchased three stories in the office condo building

Miami /
Jul.July 03, 2018 11:45 AM

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.


Related Articles

arrow_forward_ios
Ivanhoé Cambridge's Nathalie Palladitcheff and Greystar's Bob Faith with the InTown Apartments at 1900 Southwest 8th Street, Miami (Ivanhoé Cambridge, Greystar, InTown Apts.)
Ivanhoé Cambridge picks up Little Havana apartment complex for $105M
Ivanhoé Cambridge picks up Little Havana apartment complex for $105M
Alta Developers’ Raimundo Onetto in front of the development site (Google Maps)
Heading south: Alta buys dev site for apartment complex near Homestead
Heading south: Alta buys dev site for apartment complex near Homestead
Grant Cardone and a rendering of LAs Olas Walk (Cardone Capital, ZOM/McNeal Realty)
Grant Cardone to buy $750M in SoFla apartments
Grant Cardone to buy $750M in SoFla apartments
The current building on Dania Beach (Google Maps)
Shuttered Dania Beach waterfront restaurant could get new life as Lucky Fish
Shuttered Dania Beach waterfront restaurant could get new life as Lucky Fish
Jungle Island owner sells Jupiter office building to New York self storage firm for $12M
Jungle Island owner sells Jupiter office building to New York self storage firm for $12M
Jungle Island owner sells Jupiter office building to New York self storage firm for $12M
Arnaud Karsenti, managing principal of 13th Floor Investments (iStock, 13th Floor)
Brickell church votes to sell waterfront land to developer for condo tower
Brickell church votes to sell waterfront land to developer for condo tower
503 South Krome Avenue in Homestead and Armando Bravo (Google Maps)
Developer buys OZ land in bet on Homestead as “future” of real estate
Developer buys OZ land in bet on Homestead as “future” of real estate
Fruchtlander family buys Hollywood, Florida rental for $32M
Fruchtlander family buys Hollywood, Florida rental for $32M
Fruchtlander family buys Hollywood, Florida rental for $32M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...