Investment will Finance Historic Renovation at Spring Garden School in North Philadelphia
TD Bank, America’s Most Convenient Bank®, announced its commitment to finance HELP USA’s revitalization of the Spring Garden School, a nearly 100 year old historic building in North Philadelphia. The bank has provided a combined investment of $11.6 million in tax credit equity through the Community Capital Group and a $9 million construction loan through its Commercial Real Estate Group.
The school, which has been vacant for almost 40 years, was built in 1927 and added to the National Register of Historic Places in 1986. Once renovations are complete in late 2017, the building will include 37 units of affordable housing for low-income seniors, 12 units for homeless veterans, a rooftop garden and a soccer field. The building’s interior and exterior structure will be restored and some of the graffiti will be preserved.
“This is a very important project that will allow low-income seniors and veterans to have a place they can call home,” said Gloribel Cruz, Vice President at TD Bank. “Helping to revitalize this building will improve the area and reinforce our commitment to give back to the community. Our investment in making a positive impact is part of what makes TD Bank different.”
TD Bank’s strong customer relationships are built by understanding their industry and their business. This project represents the Bank’s fifth debt transaction and seventh investment in a HELP USA-sponsored project.
“Having TD Bank as a financial partner has enabled us to strengthen and enrich the lives of many, especially homeless veterans,” said David Cleghorn, Senior Vice President of Real Estate Development at HELP USA.
“We’re proud to participate in the financing of such a transformational project right here in our community,” said Gregg Gerken, Head of Commercial Real Estate for TD Bank. “We look forward to continuing the journey of giving back with HELP USA.”
About HELP USA
HELP USA is a national homeless service provider and low-income housing developer serving at-risk populations including families, veterans, and victims of domestic violence. HELP USA currently serves more than 8,000 people every day at 52 programs and residences across four states. Since its founding in 1986, HELP USA has served more than 375,000 men, women, and children, and developed in excess of 2,275 units of housing
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 8 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.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.