Real Estate Weekly
Image default
Deals & Dealmakers

TD Bank Provides Construction Loan to Help Bring Mixed-Income, LGBTQ-Friendly Senior Housing for Hyde Park and Boston Residents

 TD Bank, America’s Most Convenient Bank®, announced today that it has provided $22 million in construction financing to redevelop William Barton Rogers (WBR) Middle School in the Hyde Park neighborhood of Boston into 74 units of safe and accessible mixed-income housing for all seniors, but specifically LGBTQ seniors.

The WBR school is an important historic and social landmark in Hyde Park, serving and educating the Hyde Park community for over a century. The building will be preserved and adapted for this new mixed-income, LGBTQ-friendly housing project that will include the protection of the historic exterior facade as well as significant interior architectural elements such as the frieze and stage of the auditorium, mosaic tiles, gymnasium and more. The Pryde will offer residents a mix of studios, one-bedroom and two-bedroom units.

Large spaces in the building will be reserved for general use by the community. The design includes preserving the auditorium, the gym, the cinema room, the front entrance and 10,000 square feet of space to be used by the public and residents. Community organizations can use the space for meals, events, activities and can hold meetings, classes and workshops.

The Pryde project is a partnership between Pennrose and LGBTQ Senior Housing, Inc., a local non-profit that will work with the community to identify LGBTQ residents for The Pryde. Pennrose, headquartered in Philadelphia, is a long-time client of TD and one of the largest affordable housing developers in the country with more than 27,000 housing units in 14 states and the District of Columbia. Penrose will remake WBR into a vibrant, welcoming, and inclusive space that will not only house the seniors of Hyde Park but also celebrate the history of the former school and the history of Hyde Park.

“TD is excited to be part of this project,” said Benjamin Kruger, Commercial Team Lead. “It’s fitting that the groundbreaking took place in June, which is LGBTQ Pride month. We see this project as further demonstration of our commitment to diversity and inclusion, not just during the month of June but year-round.”

This project is aligned with TD Banks social purpose, the TD Ready Commitment, a platform designed to open doors for a more inclusive tomorrow through community giving in four areas – financial security, vibrant planet, connected communities and better health.

In addition to the construction loan, TD Community Capital is purchasing the Federal & State low-income housing tax credits, as well as Federal & State historic tax credits for the project.

Related posts

Avison Young arranges 99-year ground lease for an estimated $21.5 million


Rosewood Realty Group Brokers $36.5 Million Sale of 15-Story Hells Kitchen Mixed-Use Building


Miller Construction Begins Work on an 80,000-Square-Foot Build-to-Suit Industrial Warehouse in Orlando