Harbert South Bay Partners, LAMB Properties, P3 Foundation and Momentum Senior Living have secured $473 million in tax-exempt and taxable bond financing for the ground-up development of The James, a luxury rental, 350-bed senior housing community in Irvine, Calif.
JLL's Seniors Housing Capital Markets team worked on behalf of the borrowers 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 senior housing property in the area. The community will offer 210 independent living units, 110 assisted living units and 30 memory care
