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 N. Second St., 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.
