TD Bank announced its commitment to finance Blue Sky Communities recent development of the Preserve at Sabal Park, a multi-family affordable housing community in Seffner, Florida.
Blue Sky Communities specializes in working with non-profit organizations to help develop new and rehabilitate existing multi-family housing communities.
The bank has provided a $22 million construction loan through its Commercial Real Estate Group and a $20.3 million equity investment through the purchase of Low-Income Housing Tax Credits from TD’s Community Capital Group.
The funds will be applied towards the initial construction phase, that started in March, for the Preserve at Sabal Park, a 144-unit apartment complex with 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 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,” said Kyle Moore, Vice President 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,” said Scott Macdonald, Executive Vice President 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.”