JLL's Capital Markets group and HJ Sims announced on December 2, 2024, that they arranged $473 million in tax-exempt and taxable bond financing for 'The James,' a luxury rental seniors housing community in Irvine, California. This financing 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 financing package included $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 for the partnership, providing comprehensive support for the development.
The James will be the first new senior living community in the Irvine market in 28 years, addressing a surge in demand from Orange County's rapidly growing 65+ population. This groundbreaking project underscores JLL's ability to structure and facilitate complex capitalizations in specialized real estate sectors.
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