PERU, Ill. — Associated Bank has provided $6 million in financing for construction of the Diamond Senior Apartments, a seniors housing community in Peru, located along the Illinois River approximately midway between Chicago and the Iowa border.
The borrower is 3 Diamond Development. The project includes 56 units in 10 single-story residential buildings.
All units are restricted to low-income seniors age 55 and older. Twelve of the units will be restricted to households earning less than 30 percent of the area median income (AMI), and the remaining 44 units will be restricted to 60 percent AMI.
Teresa Rubio, a senior vice president for Associated Community Development LLC, the bank’s community development corporation, managed the loan and closing.