Bank Approves $6 Million Loan for Senior Housing in Peru

Bank Approvces $6 Million loan for senior housing in Peru

Associated Bank has announced approval of a $6 million construction loan for a senior housing complex in Peru, Illinois. The Diamond Senior Apartments of Peru by 3 Diamond Development will be located at 927 Wenzel Road in Peru. This is in western LaSalle County near the Illinois River, about 100 miles southwest of Chicago.

The Diamond Senior Apartments will include:


 - 10 single-story residential buildings totaling 56 units

 - A mix of 41 one-bedroom and 14 two-bedroom layouts

 - Wired for cable, internet and phone service

 - Include a community building

 - Exercise room

 - Community Room with kitchen


According to RE Journals, 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% of the area median income and the remaining 44 units will be restricted to 60% of the area median income.




Each unit will also feature the following:


 - Modern appliances

 - Ceiling fans

 - Central air conditioning

 - In-unit washers and dryers

 - Vinyl plank flooring throughout


Market Screener reports that 3 Diamond Development builds high quality affordable housing, partnering with leading local providers to finance, design and construct properties that contribute 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 has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.


Posted by Judy Lamelza

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