Laurel, Md., June 8, 2021 – TD Bank, America's Most Convenient Bank®, announced today that its Healthcare Practice Solutions Group (HPSG) closed a $2.5 million term-loan to allow dentists Dr. Ann Morgan and Dr. Sue-Lynn Hubbard to acquire Neighbor Dental, LLC in Laurel, Maryland. TD also financed the dentists' $325,000 purchase of the practice real estate.
Prior to the acquisition, the practice was owned for three decades by a husband and wife team who decided to transition the practice to Dr. Hubbard and Dr. Morgan.
Under the new leadership, Neighbor Dental will continue to provide general dentistry services as well as specialty services including oral surgery, endodontics, orthodontics and periodontics. The dentists' shared vision of valuing community and the importance of compassion in the medical field will continue to guide their work.
"Dental practices have experienced a number of challenges since they were mandated to close earlier in the pandemic and have since been able to slowly reopen based on their local and state government guidance," said Dan Croft, Head of Healthcare Practice Solutions Group, TD Bank. "However, dentists have continued to see a strong demand for their services as the larger population has gained a better understanding of the important role oral health plays in overall health. We are pleased to work with dental leaders like Dr. Hubbard and Dr. Morgan to help them expand operations and provide crucial services to the community."
Along with financing the practice acquisition and real estate, TD also will support the doctors by providing additional products and services such as operating accounts, merchant services and credit cards.
"The TD team made our transaction as seamless as possible. They were efficient, fast and forward thinking," said Dr. Morgan. "From the practice analysis, acquisition and transition they were there for us the whole way through. We even feel their approachability has made it so that we can reach out to them with any concerns from small to large. We would work with them a hundred times over as we have been extremely pleased with all the assistance they provided."
TD's HPSG underwrites loans of up to $20 million for practices with revenues up to $30 million throughout TD's Maine to Florida footprint with a special focus on medical, dental, veterinary and eye care practices. The team's specialties include equipment loans, commercial real estate loans and financing practice mergers/acquisitions, partnership buy-ins or buy-outs and expansions/relocations.
The TD team of Reza Anwar, Healthcare Specialist; Sean Gonzalez, Business Development Associate; and Mike Haddad, Senior Commercial Relationship Manager closed the deal and worked closely with local industry leaders Tom Bonsack and Curt Cooney from Mid-Atlantic Transition Group; Mike Limsky from The Dental Practice Lawyers; and Dawn Resh from Link Healthcare.
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 9.5 million customers with a full range of retail, small business and commercial banking products and services at more than 1,220 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US and www.twitter.com/TDNews_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com/us.
Shari Rosen, APR
TD Bank Corporate Communications Manager I – Small Business/Commercial