TD Bank, America’s Most Convenient Bank®, announced it closed a $10.2 million loan used by The Community Builders, Inc. (TCB) to fund the construction of The Clarion, a thirty-nine unit, mixed-income, mixed-use rental housing development in the Grove Hall section of Roxbury in Boston, MA. TD Bank’s Community Capital Group also invested more than $9.2 million of equity into the project, as well.
The project will serve households with a wide range of incomes: twenty-seven of the project's units will be dedicated to affordable for low or moderate income working families earning between 30 percent and 60 percent of Boston's area median income. In addition five units will be workforce housing and seven for unrestricted market units for middle-income families earning between 100 percent and 120 percent of the median income. All of the units will provide discounted rents to ensure affordability for families living in this high cost market.
The Clarion will sit along Blue Hill Avenue, an active commercial corridor with a mix of uses including restaurants, retail, nonprofits and schools. Redevelopment of the vacant lot will help reconnect the commercial corridor, encourage pedestrian use and promote economic development in the area.
“TD Bank is proud to work with The Community Builders on this very important redevelopment which will provide affordable housing for those who need it most,” said Thomas McColgan, Vice President at TD Bank. “This project further enhances the bank’s commitment to support low and moderate-income families by building and sustaining strong communities where people of all incomes can achieve their full potential.”
The Community Builders is a non-profit real estate developer that owns or manages more than 11,000 apartments for families of all incomes across the Northeast, Mid-Atlantic and Midwest regions. Since 2012, TD Bank has provided more than $60 million in debt and equity financing to support their projects and mission.
“Organizations like TD Bank are the reason The Community Builders is able to do the work we do,” said Tom Buonopane, TCB vice president of finance and asset management. “It’s about more than just creating a home; for us it’s about contributing to stronger communities where people live, work and raise families.”
Construction began in 2018 and is expected to be completed by 2019.
This project also reinforces TD Bank’s recent launch of The Ready Commitment, a multi-year program designed to open doors for a more inclusive tomorrow through community giving in four areas – financial security, vibrant planet, connected communities and better health.