TD Bank, America's Most Convenient Bank®, announced today that its Healthcare Practice Solutions Group (HPSG) closed a $1.85 million term loan to help local Long Island veterinarians Dr. Gary Selmonsky and Dr. Amanda Maltese acquire Islip Animal Hospital. The loan will allow the veterinarians to expand their operations, which is especially important due to the increased demand for veterinary services that has arisen during the pandemic.
"The work and school from home environment as a result of the pandemic created a major spike in pet care needs and adopting new pets, and this, in turn, has been a boon for veterinarians' businesses," said Dan Croft, Head of Healthcare Practice Solutions Group, TD Bank. "In fact, many veterinary practices' revenue has grown, and practices have retained and sometimes increased their fair market value (FMV). We were pleased to work with doctors Selmonsky and Maltese to help them grow their business and further serve their community's pet care needs."
Dr. Maltese began working as an employee for Dr. Selmonsky more than a decade ago and attended veterinary school with his encouragement. Upon earning her degree, Dr. Maltese was made a partner at East Bay Veterinary Hospital. Now, they are equal partners at Islip Animal Hospital, which uses technologically advanced equipment to provide full-service care for pets including urgent procedures, routine check-ups, ultrasounds and medication. Islip Animal Hospital sees approximately 12,000 patients per year and 30 new patients each month.
"This is my third hospital and I have veterinarians who work with me and do a wonderful job taking care of the patients; however, I'm always challenging myself to find new locations, share my experiences and learn from other people, which is what I will do at Islip Animal Hospital," said Dr. Selmonsky. "Working with TD was very convenient; there wasn't a glitch. The team was amiable and bent over backwards to ensure the acquisition of the hospital was a success."
TD also recently closed on a $1.3 million refinance for Wantagh Animal Hospital of which Dr. Selmonsky is the sole owner.
"I've worked with Dr. Selmonsky for more than a decade and it's great to expand our partnership to serve more patients," said Dr. Maltese. "It's been a pleasure to work with him and TD Bank to acquire Islip Animal Hospital and I look forward to continuing to collaborate to treat as many pets as possible."
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.
"I have specialized in the veterinary industry for the past 35 years and enjoyed working with the doctors and TD Bank on this important expansion project," said Elliot Metelka, CPA, Accounting + Consulting For Veterinarians. "By collaborating on this deal, we were able to quickly secure the funding Dr. Maltese and Dr. Selmonsky needed and help them feel supported every step of the way."
The deal was closed by Dave Barry, Healthcare Specialist; Ron Prezelmayer, Senior Relationship Manager; Griselda LaMota-Pensky, Store Manager; and Deborah Harold, Business Development Associate.
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