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Chicago & Midwest  + Midwest  + Apartments  |  June 25, 2026
Jasmine Kilman
By: Jasmine Kilman

Associated Bank Closes $18M Loan for Iowa Townhome Community Acquisition

Associated Bank announced the completion of a $17.7 million term loan to Tricap Investments for the phased acquisition of the Townhomes at Magnolia Heights, located at 5641 155th Street in Urbandale, Iowa, a suburb of Des Moines, Iowa.

The 105 two-Edit Anchorstory townhome rental units are adjacent to the 240 for-sale, single-family and townhome community of Magnolia Heights. Magnolia Heights is located in the Waukee School District and offers convenient access to parks, trails and a variety of dining and recreational options.

Tricap Investments focuses on the acquisition of low-density multifamily housing in suburban, school-district-driven markets. Investments are aligned with long-duration household demand. Elizabeth Hozian, a senior vice president with Associated Bank’s Commercial Real Estate division in Chicago, managed the loan arrangements and closing. Associated Bank has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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