Associated Bank has provided acquisition financing for a suburban Des Moines rental community, closing a $17.7 million term loan to Tricap Investments. The financing supports the phased acquisition of the Townhomes at Magnolia Heights, a townhome rental community located at 5641 155th Street in Urbandale, Iowa, a suburb of Des Moines.
The Townhomes at Magnolia Heights comprise 105 townhome rental units. The property sits next to the broader Magnolia Heights community, which includes 240 for-sale single-family homes and townhomes. The location is within the Waukee School District and offers residents access to nearby parks, trails and a mix of dining and recreational options in the surrounding area.
Tricap Investments targets low-density multifamily housing assets in suburban markets where demand is influenced by local school districts. The firm focuses its investment strategy on locations that are aligned with long-duration household demand, reflecting an emphasis on stability and consistent rental housing needs over time.
Within Associated Bank, the transaction was managed by Elizabeth Hozian, a senior vice president in the bank’s Commercial Real Estate division based in Chicago. She oversaw the loan arrangements and the closing process for the term loan to Tricap Investments.
Associated Bank is an active lender across multiple Midwestern and neighboring markets, with offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin. The closing of this loan for a townhome community in Urbandale underscores the bank’s ongoing engagement in multifamily financing and its willingness to support rental housing acquisitions in school-district-driven suburban locations.
The Townhomes at Magnolia Heights benefit from adjacency to an established for-sale residential community and proximity to local amenities, reinforcing the appeal of the site for households seeking rental options in the Waukee School District. The combination of rental townhomes alongside for-sale single-family and townhome product contributes to a mix of housing choices within the Magnolia Heights area.
While specific loan terms beyond the principal amount were not disclosed, the transaction highlights continued mortgage financing availability from regional banks for low-density, suburban multifamily assets. For Tricap Investments, the term loan from Associated Bank provides capital to execute a phased acquisition of the townhome rentals within the broader Magnolia Heights residential setting.
