Plans to build an eight-floor tall, 350-unit senior housing apartment project in Irvine for assisted and independent tenants are coming into focus.
JLL’s Capital Markets team announced in December that it helped secure $473 million in bond financing for The James, a 350-unit luxury senior housing development in Irvine.
The project, planned to debut in mid-2027, will be Irvine’s first senior living development in 28 years.
Harbert South Bay Partners will develop The James, with Momentum Senior Living hired to manage the property.
The James will be owned by P3 Foundation, a not-for-profit organization that supports philanthropic missions through public-private partnerships.
“It will be an urban oasis where residents are encouraged to explore new possibilities and adventures in a welcoming home and community of friends,” P3 Foundation Executive Director and General Counsel Kimberly Wyatt said in a statement. “Older adults will find variety, freedom and exceptional experiences that defy the stereotypes of aging.” The rent will range from $8,000 to $25,000 per month.
Tax Exempt Deal
The James is the largest tax-exempt senior living financing deal of 2024 and the largest nonprofit single-site living bond issue in history, per a JLL statement.
HJ Sims, a financial services firm based in Fairfield, Connecticut, was hired to underwrite the bonds. Most of the financing comes in the form of $442.1 million of publicly offered tax-exempt bonds.
The project will also have $12.93 million in taxable senior series bonds. Another $18 million was added as part of a subordinate tax-exempt series.
The James will be built at 16542 Millikan Ave. in Irvine, across the street from The District at Tustin Legacy. The site was formerly home to a SmartHome facility, which has since been torn down.
Harbert South Bay Partners will build the senior housing complex with 210 independent living units, 110 assisted living apartments and 30 residences for memory care tenants. The 350 total units would be a mix of studio, one- and two-bedroom luxury rentals, each one averaging 837 square feet.
On-site amenities would include 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 James would break ground in early 2025, with a leasing office set to open by the spring of 2026. Occupancy would start in the summer of 2027.
Orange County’s population of 65 and older, according to JLL, “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.”
“Southern California continues to embrace higher standards of senior living,” Momentum Senior Living CEO Josh Johnson said in a statement.
