CHICAGO – August 1, 2022 – Associated Bank announced the closing of $6 million in financing for construction of the Diamond Senior Apartments of Peru by 3 Diamond Development. The project will be located at 927 Wenzel Road in Peru, Illinois. Peru is in western LaSalle County near the Illinois River, approximately 60 miles north of Peoria and 100 miles southwest of Chicago.
The Diamond Senior Apartments will include ten single-story residential buildings totaling 56 units. The project will include a mix of 42 one-bedroom and 14 two-bedroom layouts. All units are restricted to low-income seniors age 55 and older. Twelve of the units will be restricted to senior households earning less than 30 percent of the area median income (AMI), and the remaining 44 units will be restricted to 60-percent AMI.
Each unit will feature modern appliances, ceiling fans and central air conditioning, as well as in-unit washers and dryers. Units will be wired for cable, internet and phone service and will have vinyl plank flooring throughout. The development will also include a community building, located near the southeast corner of the site, with an exercise room and community room with kitchen.
3 Diamond Development builds high quality affordable housing, partnering with leading local providers to finance, design and construct properties that contribute value to the communities they serve.
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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ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $37 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota. The company also operates loan production offices in Indiana, Michigan, Missouri, New York, 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 www.associatedbank.com.