Development of The James, a luxury rental, 350-bed seniors housing project in Irvine, is slated to get underway after just having secured $473 million in tax exempt and taxable bond financing.
The project is a development of Harbert South Bay Partners, LAMB Properties, P3 Foundation and Momentum Senior Living. The financing was arranged by JLL’s Capital Markets group with HJ Sims as the sole-underwriter of the bonds.
The 35-year 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 in size. 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 Avenue 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.
