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California  + Orange County  + Finance  | 

Luxury Seniors Housing Lands $473M in Tax-Exempt and Taxable Bonds

JLL’s Capital Markets group and HJ Sims 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. Reportedly it’s the largest tax-exempt senior living financing of the year and the largest nonprofit single-site senior living bond issue in history.

The JLL 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. JLL also handled the land sale to the partnership.

The James will be the first new senior living community in the Irvine market in 28 years. Jay Wagner, head of JLL’s Seniors Housing Capital Markets team, said, “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.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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