CHERRY HILL, N.J., Feb. 22, 2017 /PRNewswire/ -- TD Bank, America's
Most Convenient Bank®, today announced its commitment to
help finance Trinity Financial's most recent project. The project
will transform Washington Village,
the oldest public housing complex in Norwalk, Conn. owned by the Norwalk Housing
Authority. TD Bank has provided a $19.2
million construction loan through its Commercial Real Estate
Group.
Washington Village was built in
1941 and suffered flood damage during Hurricane Sandy. With the
help of TD Bank's construction loan, along with public funds,
renovation on the first of this three phase project will begin.
Plans for the building include 80 mixed-income apartments; 40
replacement public housing units, 18 affordable housing units for
low-income families, and 22 market rate units.
"Across the country, the need for affordable housing is urgent
and growing, and many of the existing buildings require
revitalization," said Thomas
McColgan, Vice President at TD Bank. "The revamp of
Washington Village would not be
possible without our financing and partner Trinity Financial, which
provides a new beginning for the residents of this community. We're
invested in making a positive impact, because that is part of what
makes TD Bank different."
This project represents TD Banks eighth transaction with Trinity
Financial totaling over $175 million
in financing for development projects.
"The Washington Village
redevelopment project will provide so many benefits to the
City of Norwalk - from affordable
housing to job creation," said Trinity Financial Vice President of
Development Eva Erlich. "We are
thankful for the support of all of our partners in making this
project come to fruition."
Alongside TD Bank's investment, the city of Norwalk will finance the project with the U.S.
Department of Housing and Urban Development's Choice Neighborhood
Initiative Planning Grant, which the city received in 2014. The
$30 million grant will aid
redevelopment construction of Washington
Village and provide services to residents, including job
training, health services and education.
The revamped Washington Village
– a mix of 273 apartments with up to four-bedroom units – will be
built over the course of five years in three phases. The complex
will expand with three new buildings replacing vacant lots. To
prevent future storm damage, construction will be coordinated with
public infrastructure improvements throughout Norwalk to raise the elevation grade of nearby
streets by approximately three feet, which will provide dry egress
in the event of a 100- or 500-year storm.
"The Washington Village complex
is an important building in the Norwalk community and we're proud to
participate in the financing of this transformational project,"
said Gregg Gerken, Head of
Commercial Real Estate for TD Bank. "We look forward to continuing
the journey of giving back with Trinity Financial."
About TRINITY FINANCIAL:
Since 1987, Trinity
Financial has pursued a distinctive vision in real estate
development, dedicated to revitalizing neighborhoods, strengthening
commerce and fostering opportunities through a collaborative urban
spirit. Our work spans half a dozen residential and commercial
specialties, from multi-unit housing to transit-oriented
development. Across that spectrum, Trinity projects demonstrate a
high caliber of vision and attention to detail, which sets them
apart and has led to sustainable success.
About TD Bank:
TD Bank, America's Most Convenient
Bank, is one of the 10 largest banks in the U.S., providing more
than 8.9 million customers with a full range of retail, small
business and commercial banking products and services at more than
1,275 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.
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.
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SOURCE TD Bank