Ocean Bank provides $20.5 million in financing for Larkin-Palm Springs General Hospital purchase

MIAMI - Feb. 3, 2016 - PRLog -- Ocean Bank has provided a $20.5-million financing package as part of Larkin Community Hospital’s purchase of Hialeah’s Palm Springs General Hospital.

         The $20.5 million in financing includes a $16.5 million loan and $4 million increase in a line of credit.

         “Ocean Bank has a strong history of commercial lending to South Florida institutions,” said Executive Vice President Ralph Gonzalez-Jacobo.  “We are pleased to extend this financing to Larkin Hospital, allowing them to more than double their beds in Miami-Dade and Broward County”

         Larkin Community Hospital is the third largest statutory teaching hospital in Florida, offering post-graduate training to physicians in 32 different specialties.  The hospital is chaired by Dr. Jack J. Michel.

         The $40 million acquisition, funded in part by the $16.5 million loan from Ocean Bank, includes the four-story, 111,829-SF hospital built in 1964, and the adjoining seven-story, 43,004-SF medical building built in 1971.

         In documents, Larkin indicated that it aims to add Palm Springs General to its integrated healthcare delivery system, providing a complete continuum of healthcare services, including an acute care hospital network with locations in South Miami, Hialeah and Hollywood, diagnostic centers, home health care agencies, skilled nursing, and assisted living services in Miami-Dade and Broward County.

         Founded in 1982, Ocean Bank has 21 branches in Miami-Dade and Broward counties and had $3.3 billion in assets as of Dec. 31, 2016.