Aspenwood Senior Apartments
San Ramon
California
122
Affordable Homes
Senior
Age-Restricted (62+)
Advisory
Financial Structuring
The Project
Quality Senior Housing for a Growing Community
Aspenwood Senior Apartments is a 122-unit affordable senior housing community in San Ramon, California, developed for residents aged 62 and older. The project was designed to deliver high-quality, income-restricted homes and help meet the rising demand for senior housing in the region.
Behind every community like this is a capital stack that has to balance to the dollar. Shamrock partnered on the deal to make the numbers work, pairing tax-exempt bonds with Low-Income Housing Tax Credit equity and local subsidy to bring the project to groundbreaking.
The Brief
The Challenge & How We Helped
The Challenge
Affordable Senior Housing Is Hard to Finance
- A multi-source capital stack that had to close without a funding gap.
- Tax-exempt bond and 4% LIHTC requirements to navigate in parallel.
- Local subsidy to secure and layer in alongside private capital.
- Income and compliance restrictions to satisfy from day one.
Our Approach
We Engineered the Deal to Close
- Secured a tax-exempt bond allocation paired with 4% LIHTC equity.
- Negotiated $11M in soft funding from the city to close the gap.
- Built the underwriting and pro forma the funders would accept.
- Guided the deal through to a July 2022 groundbreaking.
Deal Structuring
The Capital Stack Behind Aspenwood
Affordable housing rarely closes on a single source. We layered public and private capital into a structure that balanced, applying the same discipline we bring to every deal we underwrite.
| Tax-Exempt Bonds | |
| 4% LIHTC Equity | |
| City Soft Funding | |
| Total Development Cost |
*Capital stack balances to match total development costs upon final closing.
Project Highlights
From Funding Gap to Groundbreaking
With the financing structured and the city subsidy secured, Aspenwood moved from concept to construction, adding much-needed affordable senior homes to the San Ramon community.
122
Affordable Senior Homes
62+
Age-Qualified Residents
$11M
City Soft Funding Secured
How We Can Help You
The Services Behind This Project
Aspenwood drew on the same capabilities we bring to developers and authorities nationwide. If you have a deal that needs to close, these are the services that get it there.
Financial Structuring
Capital stacks built to balance, with bonds, LIHTC equity, soft funds, and gap financing engineered to close.
Underwriting and Due Diligence
Pro formas and models that hold up to scrutiny from lenders, investors, and agencies alike.
LIHTC Consulting
9% and 4% tax credit strategy, applications, and compliance from allocation through placement in service.
Testimonials
Our Biggest Award Is Developing Thriving Communities
“Shamrock structured a financing package we couldn’t have closed on our own, layering bonds, tax credits, and city funding into a deal that actually penciled. They moved us from a funding gap to a groundbreaking.”
★★★★★
Kasey — New York
Have a Project Like Aspenwood?
Whether it is senior, affordable, or multifamily housing, bring us the deal that needs to close. We will structure the financing, secure the subsidy, and guide it to groundbreaking.