NEW YORK, May 28, 2014 /PRNewswire/ -- TD Bank, America's Most Convenient Bank®, announced today that its Commercial Real Estate (CRE) Group closed more than 200 transactions totaling nearly $3.9B in commitments in 2013, signaling an improvement in real estate fundamentals and increased demand for TD's range of real estate financing products.
TD Bank's increased appetite to support the commercial real estate market is evidenced by the facilities extended to its TA Associates Realty relationship. In 2013, TD Bank's CRE Group provided financing to TA Associates Realty as sponsor of several of its commingled real estate funds. These transactions included senior unsecured revolvers where TD was joint lead arranger and significant participant. The facilities totaled more than $1.5 billion in financing.
"We've seen increasing demand for financing as the economy continues to recover and expand, and the market for the remainder of 2014 looks promising," said Gregg Gerken, Senior Vice President, TD Bank Group, and Head of U.S. Commercial Real Estate Lending at TD Bank. "At TD Bank, we pride ourselves on supporting existing customers when their business plans require additional capital to support their growth. We're seeing a good appetite for capital in commercial real estate markets we serve, and we look forward to continuing to bring our expertise to companies within those segments."
TD's North American approach also benefited several customers; TD Bank and TD Securities worked closely to expand cross-border relationships with such prominent real estate companies as Brookfield Office Properties, Simon Property Group and Ventas REIT. TD had existing banking relationships that laid the foundation for structures that provided additional liquidity to fund working capital, growth needs and future acquisitions, securing its position as a value-added partner.
Through its lending commitment for low-income housing tax credits, new markets tax credits, and "80/20" financing, in 2013 TD's CRE team also closed more than 25 transactions totaling over $350mm in commitments to support local communities from Maine to Florida.
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 approximately 1,300 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