JLL’s Capital Markets division and HJ Sims recently collaborated to secure $473 million in bond financing for the development of The James, a 350-bed luxury senior housing community in Irvine. This deal is reported to be the largest tax-exempt financing for senior living this year and the biggest single-site bond issue ever for nonprofit senior living.
The JLL Seniors Housing Capital Markets team represented Harbert South Bay Partners, LAMB Properties, P3 Foundation, and Momentum Senior Living in securing this 35-year financing. HJ Sims was hired as the sole underwriter of the bonds. Additionally, JLL facilitated the sale of land to these partners.
This project will mark Irvine’s first new senior living 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 funding seniors housing projects, this particular structure was groundbreaking both for our clients and investors involved.” He also expressed excitement about delivering such an exceptional project to Irvine City with their clients’ support.
