Harbert: Capitalizing The James Development in Irvine
Deal News | Dec 02, 2024 | Harbert Management Corporation
Harbert Management Corporation has successfully capitalized The James, a 350-bed luxury senior housing development in Irvine, California, marking a significant milestone as the first senior housing project in Irvine in 28 years. Arranged by JLL's Capital Markets group and HJ Sims, the project secured $473 million in tax-exempt and taxable bond financing, setting a record for the largest tax-exempt senior living financing of the year and the largest nonprofit single-site senior living bond issue in history. This strategic investment underscores Harbert South Bay's commitment to delivering high-quality senior living options in densely populated urban areas.
Sectors
- Real Estate Development
- Healthcare - Senior Living
- Financial Services
Geography
- United States – The development project is taking place in Irvine, California, within the United States.
- California – The specific location of the project is in Irvine, California, highlighting the regional focus of the development.
Industry
- Real Estate Development – The article discusses the development of a senior housing community, which falls under the real estate development sector.
- Healthcare - Senior Living – The project involves the development of a senior living community, relevant to the healthcare sector focused on senior care and living facilities.
- Financial Services – The financing aspect of the development project involves substantial financial services activity, including bond issuance.
Financials
- $473 million – The combined amount of tax-exempt and taxable bond financing arranged for the development of The James.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Harbert Management Corporation | Private Equity Firm | Company | A private equity firm involved in the capitalization of the senior housing development. |
| JLL's Capital Markets | Financial Advisor | Company | Involved in arranging the bond financing for the project. |
| HJ Sims | Financial Advisor | Company | Worked alongside JLL to arrange the bond financing for the development. |