TD Bank Invests in Affordable Philly Community
The bank provided a $9.1 million construction loan and purchased $12.0 million in federal tax credits. The money will be used to redevelop a nursing home into a 60-unit affordable housing project for seniors.
By Laura Calugar
The existing building at 2050 S. 58th St., in Philadelphia
TD Bank will assist in financing Presby’s Inspired Life’s redevelopment of a nursing home into affordable housing for senior citizens in Kingsessing, southwest Philadelphia. The bank has provided a $9.1 million construction loan through its commercial real estate group and purchased $12 million in federal tax credits through the Community Capital Group.
Located at 2050 S. 58th St., Witherspoon Senior Apartments will feature 60 within a 20-minute drive of downtown Philadelphia. The funds will support the partial demolishing of the nursing home. The site will then be converted into more than 65,000 square feet of new apartments. The new two-story building will include one-bedroom apartments, with six units reserved for seniors with physical immobility, three units for seniors with sensory impairment and 10 units for homeless seniors, including veterans. Amenities will include community space for resident services and recreation as well as reading, computer and game rooms. The community will also have a health and wellness suite, which will provide a space for doctors visits, a salon, pharmacy and a commissary, to meet the various needs of senior residents.
Fulfilling a critical need
Despite the aging population, very little senior housing has been added to the area’s inventory. Witherspoon Senior Apartments will be available to households earning less than 60 percent of the area’s median income and will sit on an eight-acre campus that includes three other apartment buildings managed by Presby.
“Witherspoon Senior Apartments will fulfill a critical need for quality, affordable housing for older adults in Southwest Philadelphia,” said Presby’s Inspired Life President & CEO Judee Bavaria, in a prepared statement.
“The development of Witherspoon Senior Apartments is a significant milestone for the Southwest Philadelphia community,” TD Bank Vice President Benjamin Kruger added.
The community is slated for completion during the fall of 2018.
At the beginning of this year, TD Bank provided a $13.5 million construction loan for a 144-unit apartment community in Belle Glade, Fla.
Image via Google Street View
