TD Bank, (No. 38 on the DiversityInc Top 50 Companies list) announced it will assist in financing Presby’s Inspired Life (Presby) redevelopment of a nursing home into affordable housing for senior citizens in Kingsessing, Southwest Philadelphia. Witherspoon Senior Apartments will be developed through Presby and is the latest initiative to help address the growing need for affordable senior housing in Philadelphia.
The bank has provided a $9.1 million construction loan through its Commercial Real Estate Group and purchased $12.0 million in federal tax credits through the Community Capital Group.
The funds will aid to partially demolish a former nursing home at the Southwest Philadelphia complex for conversion into more than 65,000 square feet of new apartments. The remodeled two-story building will include 60 spacious units featuring one-bedroom apartments including six units for seniors with physical immobility, three units for seniors with sensory impairment and 10 units for homeless seniors, including veterans. The building will include community space for resident services and recreation as well as common spaces such as reading, computer and game rooms. The community will also have a Health and Wellness Suite which will provide a space for doctor’s visits including a salon, a pharmacy and a commissary, to meet the various needs of senior residents.
“The development of Witherspoon Senior Apartments is a significant milestone for the Southwest Philadelphia community,” said Benjamin Kruger, Vice President at TD Bank. “We’re proud to help with the revitalization of the building and hope that it provides a new beginning for many senior residents in Philadelphia. We’re invested in making a positive impact, because this is part of what makes TD Bank different.”
Affordable housing options in the area are typically converted rowhomes, but these units are generally not appropriate for seniors who may have mobility problems. Despite the aging population, very little senior housing has been added to the area’s inventory. Witherspoon Senior Apartments will be available to households earning less than 60 percent of the area’s median income, and will sit on an 8 acre campus which includes three other apartment buildings managed by Presby properties. With expected completion in the fall of 2018, Witherspoon Senior Apartments will be a long-term asset to the community.
“At the heart of Presby’s ministry is its service to older adults of limited financial means,” said Judee M. Bavaria, President & CEO of Presby’s Inspired Life. “Witherspoon Senior Apartments will fulfill a critical need for quality, affordable housing for older adults in Southwest Philadelphia. We are grateful to TD Bank for their ongoing support and look forward to working with them through construction.”
Presby is an existing TD Bank customer and previously received an equity investment from the bank’s Community Capital Group.
“We’re proud to continue working with Presby’s Inspired Life and offer the financing for this project, as it will aid seniors in a currently underserved community,” said Gregg Gerken, Head of Commercial Real Estate for TD Bank. “We look forward to supporting this initiative and future developments with the organization.”