JLL and HJ Sims teamed up to close the largest tax-exempt senior living financing of 2024, and the largest not-for-profit, single-site senior living bond issue in history. The financing is helping to fund the ground-up development of a luxury seniors housing community in Irvine, California. The James will feature 350 rental units and will be the first new seniors housing community in the Irvine market in 28 years. The plan includes 210 independent living, 110 assisted living and 30 memory care units, with a mix of studio, one- and two-bedroom options. Such a high-end community will also have multiple dining venues, an indoor pool and spa, wellness gym and yoga studio, therapy rooms, hair salon, media lounge, golf simulator, dog park and pet washroom, and bocce ball.
JLL’s Seniors Housing Capital Markets team worked on behalf of Harbert South Bay Partners, LAMB Properties, P3 Foundation and Momentum Senior Living, to secure the 35-year financing with HJ Sims hired as sole-underwriter of the bonds. The financing consisted of $442.1 million of publicly offered tax-exempt senior series 2024A bonds, $12.93 million in taxable senior series 2024B bonds, and $18 million in subordinate tax-exempt series 2024c and 2024d bonds. JLL also handled the land sale to the partnership on behalf of the seller. Congratulations to all parties involved.
