The James is a luxury rental, 350-bed
Independent Living, Assisted Living and Memory Care community to be
built in Irvine,
California
NEWPORT
BEACH, Calif., Dec. 2, 2024
/PRNewswire/ -- JLL's Capital Markets group and HJ Sims announced
today that they have arranged $473
million in tax exempt and taxable bond financing for the
ground-up development of The James, a luxury rental, 350-bed
seniors housing community in Irvine,
California, which is the largest tax-exempt senior living
financing of the year and largest non-profit single-site senior
living bond issue in history.
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.
The James will be the first new senior living community in the
Irvine market in 28 years,
positioning it as the premier seniors housing property in the area.
The community will offer 210 independent living units, 110 assisted
living units and 30 memory care units with a mix of studio, one-
and two-bedroom luxury rental units, averaging 837 square feet. An
expansive amenity package will be available, including multiple
dining venues, 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.
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.
Orange County's 65+ population
is the fastest growing segment of the population, expected to
increase to 29% of the total population base, creating a surge in
demand for quality senior living options for years to come. The
James brings a much-needed solution to this supply demand
imbalance.
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 Irvine."
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, Sims
has provided investment banking, wealth management, and
institutional services, helping individual investors,
organizations, municipalities and institutions realize their
potential. From building wealth to building communities, HJ Sims
helps clients navigate an uncertain world.
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
$1.6 billion in cost, Harbert South
Bay Partners has always been on the leading edge of new building
design and partners with operating companies that continue to
provide safe quality, state-of-the-art care.
About LAMB Properties
LAMB Properties, LLC ("LAMB") is
a real estate investment and development vehicle for the Bluhm
family in Chicago, whose patriarch
is Mr. Neil Bluhm, co-founder of JMB
Realty Corp. and Walton Street Capital, LLC. The firm is led by Mr.
Bluhm's son, Andy Bluhm. Over the
past decade, LAMB has been involved with approximately $1.5 billion of ground-up development across
various asset classes including BTR, multifamily, senior living,
office, and hotel.
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 Dallas and Irvine, the company supports communities and
clients across the country. The company is entrepreneurial in
nature, promoting cultures that focus on generating strong
financial returns while providing strong resident and employee
satisfaction.
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.
Sims is one of the nation's oldest
and most respected underwriters of tax-exempt bonds, with specific
expertise in the senior living sector. Since underwriting the first
senior living tax-exempt bond in 1965, Sims has provided over $30 billion in financing for senior living
providers nationwide. For more information, please visit:
hjsims.com
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 $20.8
billion and operations in over 80 countries around the
world, our more than 111,000 employees bring the power of a global
platform combined with local expertise. Driven by our purpose to
shape the future of real estate for a better world, we help our
clients, people and communities SEE A BRIGHTER WAY. JLL is the
brand name, and a registered trademark, of Jones Lang LaSalle
Incorporated. For further information, visit jll.com.
Contact: Kristen Murphy, JLL Director, Public
Relations
Phone: +1 617 543 4873
Email: kristen.murphy@jll.com
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SOURCE JLL