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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/td-bank-ramps-up-commercial-real-estate-lending-and-funds-affordable-housing-communities-300809923.html
SOURCE TD Bank