JLL’s Capital Markets division and HJ Sims have successfully arranged $473 million in bond financing for the development of The James, a 350-bed luxury senior living community in Irvine. This deal marks the largest tax-exempt financing for a senior living project this year and is also the biggest single-site bond issue ever for a nonprofit senior housing facility.
The JLL Seniors Housing Capital Markets team worked with Harbert South Bay Partners, LAMB Properties, P3 Foundation, and Momentum Senior Living to secure this 35-year funding. HJ Sims was hired as the sole underwriter of these bonds while JLL handled the sale of land to this partnership.
The James will be Irvine’s first new seniors housing community in nearly three decades. According to Jay Wagner, head of JLL’s Seniors Housing Capital Markets team: “While tax-exempt financing has been utilized before for similar projects, our specific structure was groundbreaking both for our clients and investors involved.” He added that they are thrilled about delivering such an exceptional project to Irvine city through their clients’ collaboration with investors.
