Breaking Records in Irvine: The Vision and Financing of The James
Press | January 2025
The James of Irvine sets a new industry benchmark with the largest non-profit, single-site senior living bond financing in history at $473 million.
At Momentum Senior Living, we believe that creating a world-class environment for seniors requires more than just a blueprint; it requires a bold financial and operational foundation. We are proud to share that our newest project, The James in Irvine, California, has officially set a new industry benchmark with the closing of a $473 million bond issuance.
This milestone represents the largest non-profit, single-site senior living bond financing in history. More importantly, it signals a major step forward in bringing sophisticated care to one of the most sought-after markets in the country.
A Historic Achievement in Financing
The financing package, issued through the California Public Finance Authority (CalPFA), was structured to support a development of unprecedented scale. Despite a volatile economic landscape, the bond offering was met with significant investor enthusiasm, highlighting the strength of the project's vision and the reputation of the partners involved.
The Financial Highlights
- Total Capital: Approximately $473 million in tax-exempt and taxable bonds.
- Record-Setting Scale: The largest transaction of its kind for a single-site non-profit community.
- Strategic Support: Orchestrated in collaboration with HJ Sims (sole underwriter) and JLL (capital arranger), ensuring long-term fiscal stability for the community.
- Non-Profit Advantage: Owned by the P3 Foundation, the project utilizes a mission-driven, tax-exempt structure that prioritizes resident experience and community reinvestment over traditional equity-return hurdles.
Market Resilience and Investor Confidence
Closing a nearly half-billion-dollar deal requires a compelling "why." The James succeeded by addressing a critical supply-demand imbalance in Orange County. As a rental-based community without significant entrance fees, it offers a modern, flexible financial model that resonates with today's savvy baby boomer consumers and their families.
Investors recognized the unique value proposition of a high-barrier-to-entry market like Irvine, where the 65+ population is projected to grow to 29% of the total demographic. The financing serves as a vote of confidence in Momentum's operational strategy and the project's ability to set a new benchmark for luxury senior housing.
Filling a 28-Year Gap in Irvine
Irvine is a vibrant, master-planned city known for its innovation and quality of life. However, it has been nearly three decades since a new senior living community of this caliber has been developed in the area. The James is designed to meet this pent-up demand by offering 350 residences across a comprehensive continuum of care:
- 210 Independent Living units for active seniors looking for a lifestyle-driven environment.
- 110 Assisted Living units providing personalized support.
- 30 Memory Care units dedicated to specialized, compassionate cognitive care.
By securing this historic capital stack, we have ensured that The James will not only be built to the highest standards of luxury and safety but will remain a stable, mission-focused home for years to come. Groundbreaking is set for early 2025, with a targeted opening in summer 2027.
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