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<\/p>\nHarbert Management Corporation<\/b><\/p>\n
IRVINE, Calif., Dec. 11, 2024 (GLOBE NEWSWIRE) — Harbert Management Corporations (HMC) South Bay team (Harbert South Bay or the Team) announced today that it has capitalized the ground-up development of The James, a luxury rental, 350-bed seniors housing community in Irvine, California.<\/p>\n
The Team, along with partners P3 Foundation and Momentum Senior Living, worked with JLL and HJ Sims to arrange a $473 million tax exempt and taxable bond financing for the ground-up development of The James, which is the largest tax-exempt seniors living financing of the year and largest non-profit single-site seniors living bond issue in history.<\/p>\n
Harbert South Bay has developed over 11,000 units for seniors housing across 83 projects in 15 states since inception. The team has focused its efforts on ultra-luxury facilities over the last eight years developing facilities in locations with five-star amenities in high demand, affluent zip codes and limited to no supply.\u00a0 Patrick McGonigle, Harbert South Bays CEO, commented, Following on our teams success at the The Variel, the team is excited to deliver another wonderful development to the Greater LA market. The Variel is a 336 unit project in Los Angeles, California that Harbert South Bay delivered in 2022. By month 18, the independent living units reached near full occupancy a year and a half ahead of schedule.<\/p>\n
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Patrick McGonigle (center) and members of the Harbert South Bay team<\/sup><\/p>\n McGonigle additionally shared that the fundamentals in seniors housing continue to show both improvement and overall strength. The long-term tailwinds that exist in this sector have only grown while the on-the-ground fundamentals have recovered from the effects of the global pandemic, outsize inflation and rapid interest rate hikes. While the capital markets are slowly unthawing as interest rates return to a stable level, we feel that the time is particularly ripe to execute on new development opportunities.<\/p>\n The James will be the first new seniors 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. 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.<\/p>\n Rendering of The James in Irvine, California<\/sup><\/p>\n The community is positioned on a three-acre site at 1001 Gates Ave. across the street from The District at Tustin Legacy, an upscale retail center with 15.6 million visitors annually1<\/sup>. 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.<\/p>\n Orange Countys 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 seniors living options for years to come2<\/sup>. The James brings a much-needed solution to this supply demand imbalance.<\/p>\n About<\/strong> Harbert<\/strong> Management<\/strong> Corporation<\/strong> 1 Placer.ai, Dec 1, 2023 Nov 30, 2024<\/sup><\/p>\n 2 Orange County Office on Aging, 2020-2024 Area Plan, PSA 22, Approved by the California Department of Aging, October 26, 2020<\/sup><\/p>\n Contact: Tate Maddox Photos accompanying this announcement\u00a0are available at <\/p>\n https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/594ef46d-0aeb-4598-9c81-7c8f4a5e10cb<\/a><\/p>\n https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/422ee28a-f6e1-4aa9-abea-2581af5517ff<\/a><\/p>\n![\"The](\"https:\/\/ml.globenewswire.com\/Resource\/Download\/422ee28a-f6e1-4aa9-abea-2581af5517ff\/the-james-irvine-ca.png\")
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HMC is a privately owned alternative asset management firm formed in 1993 to sponsor alternative asset investment funds. HMC has approximately $8.3 billion in Regulatory Assets Under Management as of November 30, 2024. HMC serves a variety of institutional investors across multiple asset classes. Investment strategies include European and U.S. real estate, seniors housing, growth capital, credit solutions, infrastructure, and absolute return funds. For additional information about HMC, visit www.harbert.net.<\/a><\/p>\n
Corporate Communications
Telephone: 205.987.5500
E-mail: tmaddox@harbert.net<\/a><\/p>\n
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