TD Bank Provides More Than $43M for Florida Multifamily Project
TD Bank provided developer Blue Sky Communities of Tampa, FL with a $22-million construction loan and a $20.3 million equity investment through the purchase of Low-Income Housing Tax Credits from TD’s Community Capital Group for its Preserve at Sabal Park project.
CHERRY HILL, NJ—Locally-based TD Bank reports it has provided a total of more than $43 million to a 144-unit multifamily development in Seffner, FL.
TD Bank provided developer Blue Sky Communities of Tampa, FL with a $22-million construction loan and a $20.3 million equity investment through the purchase of Low-Income Housing Tax Credits from TD’s Community Capital Group for its Preserve at Sabal Park project.
The funds will be applied towards the initial construction phase, that started in March, for the Preserve at Sabal Park, which will feature one, two- and three-bedroom units. The development includes a pool, clubhouse, high efficiency appliances, a financial literacy program and employment assistance programs. It is conveniently located within proximity to public transportation, grocery stores, office parks and retailers.
“The development of Blue Sky Communities newest affordable housing community in the Tampa Bay area addresses the need for quality homes for working-class families,” says Kyle Moore, VP for TD Bank. “TD is proud to fund a project that will provide affordable housing to support hard working citizens in Florida.”
“Everyone deserves an affordable and safe place to call home,” notes Scott Macdonald, EVP and chief financial officer of Blue Sky. “This is Blue Sky’s first transaction with TD Bank. The bank’s execution was one of the smoothest and most reasonable Blue Sky has ever experienced. Blue Sky is relationship-driven, and we look forward to this being the first of many transactions with TD Bank.”
TD Bank officials say that the financing for the Blue Sky Communities’ project reinforces its recent launch of “The Ready Commitment,” which the bank describes as a multi-year program designed to open doors for a more inclusive future through community giving in four areas—financial security, vibrant planet, connected communities and better health.
According to Blue Sky Communities’ website, the firm expects to complete construction on the Preserve at Sabal Park project in the first quarter of 2020.