TD Bank Ramps up Commercial Real Estate Lending and Funds Affordable Housing Communities
The bank extended over $1 billion in 2018 fiscal year to address some of the nation's pressing housing challenges
CHERRY HILL, N.J., March 11, 2019 /PRNewswire/ -- Despite a muted Federal Reserve report stating loan demand for U.S. businesses flattened over 2018, TD Bank, America's Most Convenient Bank®, bucked the trend during its 2018 fiscal year and expanded its commercial real estate lending by 6.8 percent, issuing a total of $6.6 billion in new loans and renewals.TD takes a disciplined approach to commercial real estate lending and remains committed to the market.
"Changing market trends, including global and political uncertainty, are expected to have a significant impact on the real estate and business communities going forward," said Gregg Gerken, Head of Commercial Real Estate for TD Bank. "We're still seeing an increase in demand and more building of industrial space and affordable housing, but retail and office is changing. Our ability to be a strategic resource for our clients throughout the economic cycle will be key to our success."
One of the most influential market trends is the growing need for affordable housing across the country. TD's Commercial Real Estate business extended over $1 billion in community development financing to projects that included affordable housing developments in local communities in the form of debt and equity. Some of the financing includes:
- More than $450 million to housing authorities and nonprofit organizations, a majority of which are in low and moderate income communities;
- More than $125 million to restore and adapt buildings named on the national register of historic places;
- Financial commitments to major metro cities in the Northeast including $360 million in New York City, $70 million in the greater Philadelphia area and $202 million in Boston.
Recent commitments also include $39.5 million in the form of debt and equity to MHANY Management Inc. and We Stay/Nos Quedamos, Inc., for a new mixed use project of 180 affordable apartments including a community facility for low income seniors in the Bronx, and $16.7 million in the form of debt and equity to Peabody Properties and the Affordable Housing and Services Collaborative Inc., for the development of 50 apartment units with onsite support services for formerly homeless and disabled veterans in New Jersey.
In 2018, TD backed affordable housing and supportive housing for people with disabilities, veterans, formerly homeless families, and people managing HIV/AIDS, survivors of domestic violence, LGBTQ young adults and other vulnerable and special needs residents, all of which included onsite support services. The bank also provides numerous grants for both affordable housing developments and programs for low income communities through its TD Charitable Foundation, the charitable giving arm of TD Bank.
"In 2019, there will continue to be a growing need for affordable housing across the country," said Andrew Warren, Senior Vice President, Commercial Real Estate for TD Bank. "The number of households needing affordable housing has grown and the supply has not kept pace. In the years ahead, the industry will need to pursue different financing strategies to find a solution."
The 2018 activity of the Commercial Real Estate businesses reinforces TD Bank's launch of The Ready Commitment, a multi-year program designed to open doors for a more inclusive tomorrow through community giving in four areas – financial security, vibrant planet, connected communities and better health.
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 9 million customers with a full range of retail, small business and commercial banking products and services at more than 1,200 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com/us.
SOURCE TD Bank
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