Miami Senior Living Facility Secured $ 45M Construction Loan

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Avi Bittan, CEO of Royal Senior Care, and Managing Director Sean Kanov, at 152nd Street and 97th Avenue (Google Maps)

A senior living center in southern Miami-Dade County has received a big boost, with the developer securing 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, independent living and memory care center near Jackson South Medical Center . Tel Aviv-based, Tel Aviv-based bank Hapoalim BM provided the funding. The CEO of Hapoalim is Dov Kolter and the owner is Shari Arison.

The three-lot development site totals 13 acres southwest of 152nd Street and 97th Avenue, south of the C-100 Canal. The addresses are 15005, 15055 and 15060 Southwest 97 Avenue.

RSC Coral Reef Propco, affiliated with Royal Senior Care, purchased the land in January 2020 for $ 7.55 million a subsidiary of Healthcare Trust of America. The project is expected to be completed in 2022.

Just northwest of the development site is the Coral Reef Nursing and Rehabilitation 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 help to life and memory care centers, have seen investment selling activity in South Florida, even during the pandemic. Most recently, Boca Raton’s PrivCap companies sold the Midtown Manor Hollywood assisted living facility for $ 9.7 million.

In December, New York-based real estate investment company Eagle Arc purchased 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 $ 36.4 million.

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