JLL, HJ Sims Secure $240M for Senior Housing Portfolio

JLL and HJ Sims are teaming up on a major financing deal for a senior housing developer and operator. The two firms have arranged approximately $239.7 million in tax-exempt and taxable bond financing on behalf of Integrated Senior Foundation. The company will use the funds to acquire one senior living facility in Arizona and to develop two properties in Arizona and California.

Known as the Ativo Portfolio, the three-property senior housing portfolio has a total of 430 units. The portfolio consists of Ativo of Yuma, a 79-unit property in Yuma, Ariz., and the ground-up development of Ativo of Sundance, a 207-unit property to be located in Buckeye, Ariz., and Ativo of Santa Clarita, a 144-unit community to be built in Santa Clarita, Calif.

On behalf of Integrated Senior Foundation, JLL’s Seniors Housing Capital Markets team, in collaboration with the bond underwriting team of HJ Sims and JLL Securities, secured fixed-rate financing with a final maturity of 40 years. The financing consisted of approximately $218.3 million of publicly offered tax-exempt senior series 2025A bonds, $5.9 million of taxable senior series 2025B bonds and $15.5 million of tax-exempt subordinate 2025C bonds.

Integrated Senior Foundation is a Brea, Calif.,-based nonprofit owner and operator that focuses on creating accessible, high-quality senior living communities that prioritize affordability and care. This transaction is part of the nonprofit’s broader strategic expansion. ISF has eight additional transactions in various stages of execution that will deliver more than 720 units in the coming months.

This deal comes nearly four months after JLL and HJ Sims secured $473 million in tax-exempt and taxable bond financing for The James in Irvine, Calif. The transaction, completed late last year, was the largest tax-exempt senior living financing of 2024 and the largest non-profit, single-site senior living bond issue in history.

Properties at a glance

All of the properties in the portfolio are located in densely populated areas with a growing demand for seniors housing. The properties will all feature modern amenities and services including a gourmet kitchen providing daily meals, coordinated group outings, transportation services, on-site life enrichment activities and 24/7 staff to care for residents.

Ativo of Santa Clarita will be located within the mixed-use Sand Canyon Plaza master-planned community. The property will have 51 independent living, 65 assisted living and 28 memory care units. It is slated for completion in 2026.

Due for delivery in 2027, Ativo of Sundance in Buckeye will have a mix of 102 independent living and 75 assisted living units and 30 memory care beds. It will be the first senior living community in Buckeye. Located in the city’s Sundance neighborhood, residents will be able to take advantage of walkable amenities, shared parking and scenic surroundings.

Ativo of Yuma was completed in 2021. It has 55 assisted living units and 24 memory care beds. The stabilized property offers assisted living studio floorplans ranging from 356 to 514 square feet. It has one-bedroom assisted living units ranging from 508 to 607 square feet and two-bedroom floorplans ranging from 715 to 782 square feet. Memory care units offered are studios with 349 square feet and shared suites ranging from 435 to 536 square feet.