A joint venture developing a portfolio of senior living communities in Northern California is adding its sixth property to its partnership, called The Shamrock Alliance. Portland, Oregon-based Shamrock Holdings, together with CB|Two Architecture and Construction and Artēgan Senior Living, is planning to build a 130-unit rental CCRC in Folsom, California (in the Sacramento area). Just breaking ground last week and expected to open next summer, the community will feature 85 independent living, 26 assisted living and 19 memory care units, to be managed by Artēgan. Typically, the projects are in a 140,000 sq. ft., three-story building located on an infill site. To fund the development, Shamrock turned to Aron Will of CBRE to arrange a $22 million construction loan from a regional bank, with a floating-rate, four-year term. The loan also came with 48 months of interest only, and an “all-in” interest rate of 2.43%. Thomas Bahrman of Bahrman Law LLC represented Shamrock in the transaction.
