Harbert South Bay Partners And Lamb Properties Secure $473M Loan For Senior Housing Project In Irvine

The property is a 3-acre development site located at 1001 Gates Avenue in Irvine, CA. The project secured bond financing for a total of $473,000,000, specifically aimed at developing The James, which will include 350 senior housing units comprising 210 independent units, 110 assisted living units, and 30 memory care units. The project is part of a larger initiative to address senior living needs in the market.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $473,000,000
• Lender: Aaron Rulnick - HJ Sims
• Landlord: Patrick McGonigle - Harbert South Bay Partners; Andy Bluhm - Lamb Properties; Jeffrey Klein - P3 Foundation; Josh Johnson - Momentum Senior Living
• Broker: Jay Wagner - JLL
• Loan Terms: 35-year

The financing and land sale were arranged by JLL, facilitating the development by well-known developers including Harbert South Bay Partners and Lamb Properties. The project represents the largest nonprofit, single-site senior living bond ever issued, indicating a significant commitment to enhancing senior living facilities in the region.