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consortium of developers, including Harbert South Bay Partners, Lamb Properties, P3 Foundation and Momentum Senior Living, has secured a record-breaking $473 million bond financing for The James, an 8-story luxury senior housing complex in Irvine. This deal marks the largest single-site senior living bond ever arranged by JLL Senior Housing Capital Markets.
The 350-unit development will feature 210 independent living apartments, 110 assisted living flats and 30 memory care units on a 3-acre lot purchased from Lamb Properties for an undisclosed price. When complete, The James will be Irvine's first new senior living project in 28 years.
JLL Senior Housing Capital Markets arranged the debt, with HJ Sims serving as underwriter for the 35-year bond. Jay Wagner, head of JLL's Senior Housing Capital Markets team, noted that this financing structure was innovative and a first for both clients and investors involved.
The deal is part of a growing trend in senior living development across Southern California. Other projects have secured funding or are in the pipeline, including Atria Newport Beach's $52 million floating-rate loan for its 168-unit complex and GHC Companies' purchase of Seville Gardens Apartment Community in Huntington Park for $34 million.
