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Royal Senior Care scores $42M construction loan for south Miami-Dade project
Three-building facility with assisted living and memory care is expected to open in 2022
A senior living facility in south Miami-Dade County got a big boost, as the developer scored a $41.9 million construction loan.
Aventura-based Royal Senior Care, led by CEO Avi Bittan and managing director Sean Kanov, plans a three-building, 200-unit independent living, assisted living and memory care facility near the Jackson South Medical Center. Tel-Aviv-based, publicly traded Bank Hapoalim B.M. provided the financing. Hapoalim’s CEO is Dov Kolter and owner is Shari Arison.
The three-lot development site totals 13 acres at Southwest 152nd Street and 97th Avenue, south of the C-100 canal. The addresses are 15005, 15055 and 15060 Southwest 97 Avenue.
Royal Senior Care affiliate RSC Coral Reef Propco bought the land in January 2020 for $7.55 million from an affiliate of Healthcare Trust of America. The project is expected to be finished in 2022.
Just northwest of the development site is Coral Reef Nursing and Rehab Center. Healthcare Trust of America is developing a 51,000-square-foot medical office building adjacent to the Royal Senior Care site.
Senior living, as well as assisted living and memory care centers, have experienced investment sales activity across South Florida, even during the pandemic. Most recently, Boca Raton-based PrivCap Companies sold Midtown Manor assisted living facility in Hollywood for $9.7 million.
In December, New York-based real estate investment firm Eagle Arc bought the 99-bed Boynton Health Care Center near Boynton Beach and the 120-bed Royal Palm Beach Health and Rehabilitation Center in Royal Palm Beach, for a combined $36.4 million.