Trinity Community Development Foundation, a nonprofit subsidiary of Texas-based Trinity Broadcasting Network (TBN), plans to complete construction on an Orlando senior living community in 2027.
JLL, in combination with the JLL Capital Markets’ team and HJ Sims, announced that they secured $134.25 million in tax-exempt bond financing for TBN’s Millenia Moments Orlando, a 261-unit senior living community planned for a 10.5-acre property at 4550 Vineland Rd. near the Mall at Millenia.
Millenia Moments Orlando will consist of three buildings designed to accommodate residents with different levels of care. The largest building will be four stories and have 151 independent living apartments. The assisted living facility will be three stories and have 78 apartments, with a mix of one- and two-bedroom floor plans. The smallest building will be two stories with 32 memory care units, including 26 private and six companion units.
TBN, a Christian broadcasting network, founded the Trinity Community Development Foundation in 2024 to develop senior living communities. Matt Crouch, CEO & Chairman of TBN, said in a press release that his organization has the resources to effectively market its senior living facilities. The organization’s goal, he said, is “to provide a service-enriched environment that promotes independence, dignity, wellbeing, and opportunities to engage, thrive, and flourish.”
Vitality Senior Living will manage the facility, which will offer residents transportation, housekeeping, and concierge services, and a variety of amenities such as a gym and wellness programs, multiple dining venues, a library, a business center, a theatre, an art studio, game rooms, a beauty salon, a dog park, and an outdoor pool area. The faith-based company purchased the property in 2007 for $10.66 million.
Millenia Moments Orlando will be located across the street from the AdventHealth Millenia ER, a 19,000-square-foot, 24-bed facility that opened last year. The property, which could also have a future hospital and medical office space, was once the home of the Holy Land Experience, a now-closed Christian theme park. TBN owned the Holy Land Experience until it closed its doors in 2020.
The Florida Housing Finance Corporation utilizes tax-exempt bond financing to provide low-interest loans for affordable multifamily housing developments. TBN’s fixed-rate financing for Millenia Moments Orlando consists of publicly offered tax-exempt senior series 2025 A bonds and has a final maturity of 40 years. The bonds will finance the costs of constructing and equipping the facility.
Greg Fawcett of JLL Securities and Aaron Rulnick, Kerry Lewandowski, and Brady Johnson of H.J. Sims led the underwriting team representing the borrower.
“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,” Fawcett said.
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