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 10 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% of the area median income (AMI), and the remaining 44 units will be restricted to 60% 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.
