Associated Bank Provides $6M Construction Loan for Affordable Seniors Housing Complex in Peru, Illinois

PERU, ILL. — Associated Bank has provided a $6 million loan for the construction of Diamond Senior Apartments of Peru. The 56-unit seniors housing community will be located at 927 Wenzel Road in Peru, which is situated in North Central Illinois. Developed by 3 Diamond Development, the project will comprise 10 single-story buildings. All units will be restricted to low-income seniors age 55 and older. Twelve of the units will be restricted to residents earning less than 30 percent of the area median income (AMI), while the remaining 44 units will be reserved for those who earn up to 60 percent of AMI. The development will also feature a separate building with an exercise room and community room. Teresa Rubio of Associated Community Development LLC managed the loan and closing.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

Subscribe to the newsletter

Webinars on Demand

Read the Digital Editions

Northeast Multifamily & Affordable Housing Business

Midwest Multifamily & Affordable Housing Business

Western Multifamily & Affordable Housing Business

Texas Multifamily & Affordable Housing Business

Southeast Multifamily & Affordable Housing Business

Heartland Real Estate Business

Northeast Real Estate Business

Southeast Real Estate Business

Texas Real Estate Business

Western Real Estate Business

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties