JLL and HJ Sims secure $473M tax-exempt and taxable bond financing to facilitate California seniors housing rental development
JLL Capital Markets and HJ Sims have arranged $473 million in bond financing for The James, a luxury seniors housing development in Irvine, California. The project represents the largest tax-exempt senior living financing of the year and the largest non-profit single-site senior living bond issue in history.
The James will be the first new senior living community in Irvine in 28 years, featuring 350 beds across 210 independent living, 110 assisted living, and 30 memory care units. Located at 1001 Gates Ave., the facility will offer luxury amenities including dining venues, indoor pool, wellness facilities, and entertainment options. The project addresses Orange County's growing senior population, expected to reach 29% of the total population.
JLL Capital Markets e HJ Sims hanno organizzato un finanziamento obbligazionario di $473 milioni per The James, uno sviluppo residenziale di lusso per anziani a Irvine, California. Il progetto rappresenta il più grande finanziamento per la vita assistita esente da imposte dell'anno e il più grande emissione di obbligazioni per la vita assistita non profit in un unico sito nella storia.
The James sarà la prima nuova comunità per anziani a Irvine dopo 28 anni, con 350 letti suddivisi in 210 unità di vita indipendente, 110 unità di vita assistita e 30 unità di assistenza per la memoria. Situato al 1001 Gates Ave., la struttura offrirà servizi di lusso tra cui ristoranti, piscina interna, strutture per il benessere e opzioni di intrattenimento. Il progetto affronta la crescente popolazione di anziani della contea di Orange, prevista al 29% della popolazione totale.
JLL Capital Markets y HJ Sims han organizado un financiamiento por bonos de $473 millones para The James, un desarrollo de vivienda de lujo para personas mayores en Irvine, California. El proyecto representa el mayor financiamiento de vivienda para ancianos exento de impuestos del año y la mayor emisión de bonos para vivienda para mayores sin fines de lucro en un solo sitio en la historia.
The James será la primera nueva comunidad de vida para ancianos en Irvine en 28 años, con 350 camas distribuidas en 210 unidades de vida independiente, 110 unidades de vida asistida y 30 unidades de cuidado de la memoria. Ubicado en 1001 Gates Ave., la instalación ofrecerá comodidades de lujo que incluyen restaurantes, piscina cubierta, instalaciones de bienestar y opciones de entretenimiento. El proyecto aborda la creciente población de ancianos del condado de Orange, que se espera que alcance el 29% de la población total.
JLL Capital Markets와 HJ Sims는 캘리포니아 어바인의 고급 노인 주거 개발인 The James를 위해 $473 백만의 채권 금융을 마련했습니다. 이 프로젝트는 올해 최대의 세금 면제 노인 주거 금융과 역사상 최대의 비영리 단일 사이트 노인 주거 채권 발행을 의미합니다.
The James는 어바인에서 28년 만에 처음으로 새로운 노인 생활 공동체가 되며, 350 개의 침대가 210개의 독립 생활 유닛, 110개의 보조 생활 유닛 및 30개의 기억 관리 유닛으로 구성됩니다. 1001 Gates Ave.에 위치한 이 시설은 레스토랑, 실내 수영장, 건강 시설 및 오락 옵션 등 고급 편의 시설을 제공합니다. 이 프로젝트는 전체 인구의 29%에 이를 것으로 예상되는 오렌지 카운티의 증가하는 노인 인구 문제를 다룹니다.
JLL Capital Markets et HJ Sims ont organisé un financement obligataire de 473 millions de dollars pour The James, un développement de logements de luxe pour seniors à Irvine, Californie. Ce projet représente le plus grand financement exempt d'impôts pour la vie des seniors de l'année et la plus grande émission d'obligations pour un site unique de vie pour seniors à but non lucratif dans l'histoire.
The James sera la première nouvelle communauté de vie pour seniors à Irvine depuis 28 ans, avec 350 lits répartis sur 210 unités de vie autonome, 110 unités de vie assistée et 30 unités de soins de la mémoire. Situé au 1001 Gates Ave., l'établissement proposera des équipements de luxe, y compris des lieux de restauration, une piscine intérieure, des installations de bien-être et des options de divertissement. Le projet répond à la population senior croissante du comté d'Orange, qui devrait atteindre 29% de la population totale.
JLL Capital Markets und HJ Sims haben eine Anleihefinanzierung von 473 Millionen Dollar für The James, ein luxuriöses Seniorenwohnprojekt in Irvine, Kalifornien, arrangiert. Das Projekt stellt die größte steuerbefreite Finanzierung für Seniorenwohnen des Jahres dar und ist die größte Anleiheemission für Seniorenwohnen von gemeinnützigen Organisationen an einem einzigen Standort in der Geschichte.
The James wird die erste neue Seniorenwohnanlage in Irvine seit 28 Jahren sein und umfasst 350 Betten, verteilt auf 210 Einheiten für selbstständiges Wohnen, 110 Einheiten für betreutes Wohnen und 30 Einheiten für Gedächtnisversorgung. Die Einrichtung, die sich in der 1001 Gates Ave. befindet, bietet luxuriöse Annehmlichkeiten, darunter Gastronomiemöglichkeiten, ein Hallenbad, Wellnessbereiche und Unterhaltungsmöglichkeiten. Das Projekt kommt der wachsenden Seniorenpopulation im Orange County entgegen, die voraussichtlich 29 % der Gesamtbevölkerung ausmachen wird.
- Secured record-breaking $473M financing for development
- First new senior living community in Irvine market in 28 years
- Strategic location near major retail center with 15.6M annual visitors
- Addresses growing market demand with aging Orange County population
- None.
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The project addresses a critical market gap in Orange County, where the 65+ population segment is experiencing rapid growth. With no new senior living facilities in Irvine for 28 years, The James is strategically positioned to capture pent-up demand in an affluent market. The premium location near major retail centers and healthcare facilities enhances its value proposition.
For JLL investors, this deal showcases the company's ability to execute large-scale, complex financing arrangements and strengthens its position in the growing seniors housing sector. The innovative financing structure could serve as a template for future public-private partnerships in senior living development.
The development timing aligns perfectly with demographic trends, as Orange County's 65+ population is projected to reach
The project's 350-bed mixed-use format (210 independent living, 110 assisted living and 30 memory care units) provides operational flexibility and multiple revenue streams. The average unit size of 837 square feet exceeds market standards, supporting premium pricing. The location near The District at Tustin Legacy, which attracts 15.6 million annual visitors, ensures high visibility and accessibility - important factors for senior living facilities.
The James is a luxury rental, 350-bed Independent Living, Assisted Living and Memory Care community to be built in
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
The James will be the first new senior living community in the
The community is positioned on a three-acre site at 1001 Gates Ave. across the street from The District at Tustin Legacy, an upscale retail center with 15.6 million visitors annually. The James is highly visible from the major roadways and is close to the I-5 and I-405 freeways allowing for quick access to the Irvine Spectrum Center, Hoag Hospital Irvine, Orange County Great Park and John Wayne Airport.
Jay Wagner, head of JLL's Seniors Housing Capital Markets team, commented, "We are thrilled that our team has structured and facilitated this groundbreaking project and capitalization. While tax exempt financing has been used to finance senior living in the past; this specific structure was innovative for both the clients involved and bond investors. We could not be more excited for our clients and investors to deliver this amazing project to the city of
Aaron Rulnick, head of Investment Banking at HJ Sims, commented, "We are very grateful for the opportunity to work with JLL, P3 Foundation, Harbert South Bay Partners, Momentum Senior Living, and the rest of the project and financing team on this transformational bond financing, which will serve as a template for partnerships between non-profit borrowers and for-profit developers and operators."
JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
HJ Sims is a specialized investment bank focused on providing unique capital structures for seniors housing and skilled nursing care providers. Since 1935,
For more news, videos and research resources, please visit JLL's newsroom.
Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About Harbert South Bay Partners
An innovative seniors housing developer, Harbert South Bay Partners delivers ultra luxury seniors housing communities to its residents. Having developed more than 11,000 units over 30 years for seniors comprising over
About LAMB Properties
LAMB Properties, LLC ("LAMB") is a real estate investment and development vehicle for the Bluhm family in
About P3 Foundation
P3 is a national not-for-profit organization serving projects that support education, economic development, healthcare, housing, and senior communities through public-private partnerships. To learn more, please visit: p3inc.org.
About Momentum Senior Living
Momentum Senior Living operates properties and consults for select investors of senior housing assets. With offices in
About HJ Sims
Founded in 1935, HJ Sims is a privately held investment bank and wealth management firm focused on delivering a broad spectrum of financial services to its clients.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of
Contact: Kristen Murphy, JLL Director, Public Relations
Phone: +1 617 543 4873
Email: kristen.murphy@jll.com
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SOURCE JLL
FAQ
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