A Miami rehabilitation and nursing center soon will accept more patients with expansion funded by a $49.8 million loan package from Ocean Bank, which was represented by Holland & Knight's Elena Aidova.

Victoria Nursing & Rehabilitation Center Inc. already has 263 beds in 230 rooms and occupies five of the eight floors at 955 NE Third St. It will add 48 beds and expand to the remaining three floors. The center helps discharged hospital patients with the transition to independent living.

The Miami-based bank lent the money to center affiliates on three loans for the center in Miami's East Little Havana.

“It was kind of a complex structure because it was basically three different notes doing three different things,” said Aidova, who closed the deal June 27.

More than $24.1 million was used to refinance an existing loan, $15.6 million was borrowed to purchase the remaining three floors of the building, and $7.6 million will finance the new construction for expansion.

“It was basically three separate transactions in one, which made it exciting to work on. It's not your everyday transaction,” Aidova said. ”It was three different transactions … secured in one. That was just so many moving parts.”

The easiest of the three was the refinancing, which amended and restated the old debt, she added. Ocean Bank in 2014 issued a $26.5 million loan to finance an existing mortgage for Victoria center, and the $24.1 million loan issued in June changed the terms of the 4-year-old loan, including extending the maturity date, Aidova said.

“That's just the regular modification,” she said.

Although the threefold deal was complex, Aidova had an advantage — she represented Ocean Bank in the 2014 Victoria transaction.

“The fact that I had already done the first transaction gave me some insight as to what we are doing, who does what, which entity does what,” she said.

In 2014, Ocean Bank lent a total of $29 million to Victoria affiliates — $26.5 million for a mortgage financing and $2.5 million for working capital. The credit line wasn't touched in the recent financing, Aidova said.

While she represented the bank rather than Victoria in the 2014 deal as well, she still closely worked with Victoria center principals. That, too, made the recent deal easier.

“It certainly made things easier since I already worked with the principals with Victoria nursing before so we already had an established relationship,” Aidova said.

Victoria center didn't buy the three floors outright but through its affiliates bought the entire ownership interest in the group that owned the space.

Aidova worked with health care experts at Holland & Knight as well to make sure Victoria center was licensed for additional beds, she said.

Middleton Reutlinger director and business law practice chair Thomas W. Ice Jr. in Louisville, Kentucky, represented the Victoria borrowers.