TD Bank Provides Financing for South Florida Senior Housing
The $9 million construction loan, part of the bank’s The Ready Commitment program, will help modernize and improve the 100-unit Palms of Deerfield Apartments.
A four-story, 100-unit public housing community for senior citizens in South Florida will be renovated with a $9 million construction loan from TD Bank through its Commercial Real Estate Group. The financing was provided to the Deerfield Beach Housing Authority (DBHA) and Smith and Henzy Advisory Group, which helps clients build affordable housing developments in South Florida, New York, New Jersey, California, Chicago and Washington, D.C.
Located in Deerfield Beach, Fla., the Palms of Deerfield Apartments feature one-bedroom and efficiency units. The construction loan will help modernize the property, which includes secured entries, patrolled grounds, laundry facilities, on-site staff and maintenance and a large community room. The asset is located near grocery stores, other retailers and public transportation.
All of the units will get extensive interior renovations including new tile, cabinets, toilets, tubs, closets as well as new energy efficient appliances. Residents will remain on site during the renovations but moved to comparable units while their apartments are being worked on. Construction began July 22 and is expected to be completed by July 2020
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DBHA will provide social services, Social Security education, health fairs and transportation to healthcare facilities and more.
Darren Smith, principal of Smith and Henzy Advisory Group, said in a prepared statement the firm has worked with TD Bank on previous affordable projects with both non-profit institutions and private developers.
Also in Florida, TD Bank in June provided $43 million in financing to Blue Sky Communities to develop The Preserve at Sabal Park, a 144-unit affordable housing community in Seffner, Fla. TD Bank arranged a $22 million construction loan through its Commercial Real Estate Group and a $20.3 million equity investment through the purchase of Low-Income Housing Tax Credits. The funding will be used for the initial construction phase of the asset that will offer one-, two- and three-bedroom units.
Both the Palms of Deerfield Apartments and The Preserve at Sabal Park are part of TD Bank’s recent launch of The Ready Commitment, a new multi-year program that aims to help individuals and communities prosper in a changing world.
More Affordable Apartment Loans
Earlier in August, TD Bank was among the funding sources for the development of a $77.8 million 168-unit affordable senior housing property in the West Farms section of the Bronx, New York City. The project was built by Foxy Management in concert with Alembic Community Development as the equity investor. Through its Commercial Real Estate Group, TD Bank provided a $38 million credit enhancement for tax-exempt bonds.
In July, TD Bank provided a $12.4 million loan, among other funding sources, to finance renovation and preservation of 333 affordable housing units and four retail spaces in 19 buildings in four Bronx Buildings owned by Exact Capital in partnership with Bronx Shepherd Restoration Corp.