JLL's Capital Markets group and HJ Sims have achieved a remarkable feat by arranging $473 million in tax-exempt and taxable bond financing for the construction of The James, a 350-bed luxury rental seniors housing community in Irvine. This transaction stands out as the largest tax-exempt senior living financing of the year and the largest nonprofit single-site senior living bond issue in history.
An Innovative Financing Structure
The JLL Seniors Housing Capital Markets team, on behalf of Harbert South Bay Partners, LAMB Properties, P3 Foundation, and Momentum Senior Living, successfully secured a 35-year financing package. HJ Sims was appointed as the sole underwriter of the bonds, while JLL also handled the land sale to the partnership. This unique financing structure is not only significant for the clients involved but also for bond investors. Jay Wagner, head of JLL's Seniors Housing Capital Markets team, expressed his excitement, stating, "While tax-exempt financing has been utilized in the past for senior living projects, this particular structure is truly innovative. We are thrilled to bring this amazing project to the city of Irvine and provide a much-needed housing option for seniors."First New Senior Living Community in 28 Years
The James is set to become the first new senior living community in the Irvine market in 28 years. This landmark development will offer luxurious amenities and a high level of care to its residents. The 350 beds will provide ample space for seniors to enjoy a comfortable and fulfilling lifestyle. With its prime location in Irvine, The James is expected to become a hub of activity and a beloved community for seniors.Benefits for Seniors and Investors
For seniors, The James offers a range of benefits. The luxury rental units provide a comfortable and stylish living environment, with access to various amenities such as fitness centers, dining areas, and recreational facilities. The community also offers personalized care services to meet the unique needs of each resident. From assisted living to memory care, The James is designed to provide comprehensive support to seniors.For investors, this project presents a unique opportunity. The large-scale financing and the innovative structure make it an attractive investment option. The tax-exempt status of the bonds provides certain advantages, while the long-term nature of the financing ensures a stable return on investment. Additionally, the demand for senior living facilities is on the rise, making The James a potentially lucrative investment.In conclusion, The James is a game-changer in the Irvine senior living market. With its innovative financing, luxurious amenities, and commitment to providing exceptional care, it is set to become a model for future senior living developments. The success of this project not only benefits the clients and investors but also contributes to the well-being of the senior community in Irvine. READ MORE