TD Bank (No. 38 on the DiversityInc Top 50 Companies list) announced that it provided a total of $460.8 million to metro New York City non-profit, education and government agencies in loans, lines of credit and letters of credit during fiscal year 2016. The funding helped support key renovations, real estate transactions, municipal services and more for organizations ranging from transit providers to private schools.
Among the transactions closed by TD Bank's New York not-for-profit group in 2016 were:
- $39.1 million to the United States Fund for UNICEF for a tax-exempt bond purchase to refinance its headquarter building inManhattan, which reduces the interest paid by the organization by half, saving millions over the life of the loan. The United States Fund for UNICEF (USF) is the U.S. non-profit, non-governmental organization that supports UNICEF through fundraising, advocacy and education. UNICEF supports initiatives for child development, health, access to education and gender equality worldwide.
- $47.9 million to ADAPT Community Network (formerly United Cerebral Palsy of New York City, Inc.), for a tax-exempt and taxable direct purchase of Series 2016A and 2018B bonds. The proceeds were used to refinance renovation costs of ADAPT's offices and to move educational services into the same space, creating operational efficiencies and freeing up additional space for a non-profit tenant within their building. ADAPT offers more than 75 comprehensive programs including medical, clinical, educational, technological, residential and rehabilitative services to more than 14,000 New York City residents and families annually.
- $10 million loan to The Windward School to support the purchase of a residential building as part of itsManhattan campus. Windward is a coeducational, independent day school dedicated to providing a proven instructional program for children with language-based learning disabilities. The school's multisensory curriculum is designed for students of average to superior intelligence who can benefit from a unique educational experience through direct instruction in small classes combined with opportunities for social and emotional growth.
- $169.7 million letter of credit for the Metropolitan Transportation Authority (MTA) for Transportation Revenue Variable Rate Refunding Bonds, Series 2002G-1 and Series 2012G-2. The MTA is North America'slargest transportation network, serving 15.3 million people in the 5,000-square-mile area of New York City,Long Island, southeastern New York State and Connecticut. MTA subways, buses and railroads provide 2.73 billion trips each year.
"TD Bank strives to work with organizations that, like TD, seek to make a positive impact in their communities," said George Andreozzi, Commercial Team Leader for government, not-for-profit and education lending for TD Bank in New York. "TD is proud to work with these respected health, human services, education and government associations to help them achieve further growth."
TD Bank creates relationships with customers through an understanding not only of their industry, but their business. The bank's commercial lending group specializes in working with schools, universities, municipalities, health and non-profit organizations from Maine to Florida.