$134.255M in tax-exempt bond financing secured for premier seniors housing development

ORLANDO, May 5, 2025 – JLL and HJ Sims announced today that they have arranged $134.255 million in tax-exempt bond financing for Millenia Moments Orlando, a 261-unit seniors housing community to be built in Orlando, Florida.

Co-underwriters JLL Securities and HJ Sims, in collaboration with JLL Capital Markets’ Seniors Housing team, secured the fixed-rate financing with a final maturity of 40 years on behalf of the borrower, Trinity Community Development Foundation, a nonprofit entity formed by Trinity Broadcasting Network (TBN). The financing consisted of $134.255 million of publicly offered tax-exempt senior series 2025A bonds. Vitality Senior Living will operate and manage the community.

"TBN has the desire to make a difference and has the abilities to market our senior living communities. TBN belongs to its partners and people, and we want to provide a service enriched environment that promotes independence, dignity, wellbeing and opportunities to engage, thrive and flourish. We are in this for the right reasons, to make a difference in the lives of our seniors," said Matt Crouch, CEO & Chairman, TBN.

Anticipated for delivery in 2027, Millenia Moments Orlando will feature 151 independent living units, 78 assisted living units and 32 memory care units. Floor plans will be available in one- and two-bedroom layouts and memory care will have 26 private and six companion units. The 316,900-square-foot facility will offer a full array of amenities and services, including multiple dining venues, a fitness center and wellness programs, a theatre, library, business center, art studio, dog park, game rooms, beauty salon and an outdoor pool area. Services will include transportation services, housekeeping, concierge and VIP concierge medical programming. The community will operate as a rental model, significantly widening the potential resident pool.

Millenia Moments Orlando is located on a 10.5-acre site at 4550 Vineland Rd. directly across the street from the new 14-acre Advent Medical Center, which has a 160-bed hospital, medical office building and emergency clinic. The property has a strategic location close to Interstate 4 and Florida’s Turnpike, providing access throughout the greater Orlando area. Additionally, the immediate area surrounding the property has an abundance of retail amenities, including the luxury regional Mall at Millenia shopping center and the theme parks at Universal Studios and Walt Disney World.

The underwriting team representing the borrower was led by Greg Fawcett, JLL Securities, Aaron Rulnick, H.J. Sims, Kerry Lewandowski, H.J. Sims and Brady Johnson, H.J. Sims. JLL’s Seniors Housing Capital Markets team was led by Senior Directors Alanna Ellis and Timothy Hosmer.

“‘Team effort’ may sometimes seem cliché, but I struggle to find a better a description for how the entire banking, legal, capital markets and sponsor team collaborated to thoughtfully advise a start-up senior living enterprise and guide them through structuring and clearing on their first transaction to mark their entry not only into the senior living sector but also their first public finance transaction. Clearing $135M for a new market entrant in extremely challenging market conditions was a testament to the Trinity Broadcasting Network & Trinity Community Foundation’s leadership team and support of this project, a well-structured transaction and a dedicated banking team.  We could not be more thankful of the opportunity to represent TBN and TCDF and expect big things from them to come,” said Fawcett.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

HJ Sims is a specialized investment bank focused on providing unique capital structures for seniors housing and skilled nursing care providers. Since 1935, Sims has provided investment banking, wealth management, and institutional services, helping individual investors, organizations, municipalities and institutions realize their potential. From building wealth to building communities, HJ Sims helps clients navigate an uncertain world.

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Trinity Community Development Foundation was formed by Trinity Broadcasting Network (TBN) in 2024 for purposes of owning TBN’s senior living projects. 

Founded in 1935, HJ Sims is a privately held investment bank and wealth management firm focused on delivering a broad spectrum of financial services to its clients. Sims is one of the nation’s oldest and most respected underwriters of tax-exempt bonds, with specific expertise in the senior living sector. Since underwriting the first senior living tax-exempt bond in 1965, Sims has provided over $30 billion in financing for senior living providers nationwide. For more information, please visit: hjsims.com