CHICAGO – February 21, 2022 – Associated Bank announced completion of a $20,000,000 acquisition/bridge loan to 3 Diamond Development, LLC for Carroll Tower Apartments, an affordable housing community at 200 North Second Street, St. Charles, Illinois.


Located in downtown St. Charles overlooking the Fox River, the six-story property contains 108 one-bedroom units restricted to low-income seniors 62 years of age and older. The building is fully occupied with a waiting list of 104 names. The acquisition will preserve quality affordable housing for low-income seniors in St. Charles and facilitate its affordability long-term.


From inception to completion, 3 Diamond Development partners with leading local providers to finance, design and construct the highest quality affordable housing projects that contribute value to the communities they serve. 3 Diamond Development expects to close on a tax credit execution later in the year in order to substantially renovate the units with updated kitchens and baths.    


Teresa Rubio, a senior vice president for Associated Community Development, LLC, the bank’s community development corporation, managed the loan and closing.


Associated Bank’s Commercial Real Estate division is committed to providing commercial real estate developers/owners/operators with an array of financing solutions, in addition to products and services that meet their unique needs. The division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.


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Associated Banc-Corp (NYSE: ASB) has total assets of $35 billion and is Wisconsin’s largest bank holding company. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 220 banking locations serving more than 120 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at