JLL and HJ Sims have arranged $252.1 million in tax-exempt and taxable bond financing for the development of The Marisol, a planned 214-unit seniors housing community in Huntington Beach. HJ Sims acted as lead book-running manager on the senior bonds and JLL Securities served as co-manager and led the process in securing the investor for the subordinate bonds.

The fixed- and floating-rate financing was structured into Series A senior bonds and subordinate Series B and C bonds and was issued through the California Public Finance Authority. The bonds were divided into three tranches: a Series A $165.7-million tranche, a Series B $74.3-million tranche and a Series C $12.1-million tranche. JLL’s Senior Housing Capital Markets team, as real estate advisor, collaborated on the project.

The Marisol is under construction and will be delivered in 2028.  Located at 2120 Main St. in Huntington Beach, the three-story building will offer residents a full amenity package. 

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VP Tom Papoulias of Coldwell Banker Commercial West arranged the sale of the Seville Gardens Apartment Community, a 225-unit senior housing apartment complex located at 2701 Randolph St. in Huntington Park The transaction closed at $33,750,000.

Papoulias represented the seller, Seville Gardens, LLC. The buyer, Equity Consultants Equity, Inc., plans to maintain the property as senior housing.

“Seville Gardens presented an excellent investment opportunity with a substantial upside in rents,” said Papoulias. “Pacific Boulevard recently underwent a $4,000,000 beautification project intended to make the street more pedestrian-friendly and attract more shoppers, so there is incredible potential. Area rentals boast very low vacancy rates.”

Seville Gardens was built in 1989 by the seller on a 1.09-acre lot occupying an entire block on Randolph Street between Seville and Stafford avenues, a quarter mile from Pacific Boulevard, Huntington Park’s main commercial thoroughfare. The property is currently under a building covenant that mandates it be used as 55-plus housing, with 20% of units rented to low-income tenants until 2038.