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Dermatology hero
• Jan 27, 2022

Ocean, N.J., Jan. 27, 2022 – TD Bank, America's Most Convenient Bank®, announced today that its Healthcare Practice Solutions Group (HPSG) closed more than $6.6 million in financing to help Morgan Dermatology expand its practice. The $1.38 million term loan and $5.26 million Commercial Real Estate Mortgage (CREM) will allow Morgan Dermatology to relocate from its current 5,000-square-foot facility to a more than 24,000-square-foot space.

The new location will allow the practice to expand from 13 to 37 treatment rooms, significantly increasing Morgan Dermatology's ability to serve the marketplace and patient demand for dermatology services. The practice will immediately relocate to the new location once construction is complete.

"Dermatologists have their own unique set of needs and challenges that must be considered as part of their business strategy, especially when considering a major project expansion to continue to enhance the customer experience," said Dan Croft, Head of Healthcare Practice Solutions Group, TD Bank. "TD Bank is proud to utilize our industry expertise to support dermatologists, like Dr. Morgan, and help them grow their business and achieve their long-term financial goals."

Morgan Dermatology was founded by Dr. Aaron J. Morgan more than eight years ago and has been operating from its current Ocean, N.J. location for the last two years. The practice provides a comprehensive suite of dermatology services and treatments, including general dermatology for adults, pediatric dermatology and cosmetic services.

"Working with TD Bank and its Healthcare Practice Solutions Group on the financing of this project was a seamless and positive experience," said Dr. Aaron Morgan, owner and founder of Morgan Dermatology. "The team truly understood my business and its needs and provided me with support every step of the way."

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 dermatology, other medical practices, dental, veterinary and eye care. The team's specialties include equipment loans, practice mergers/acquisitions, partnership buy-ins or buy-outs, expansions/relocations, commercial real estate loans and refinancing. The deal team was led by Chris Stasuk, Healthcare Practice Solutions Group Business Development Officer, and Jen Marini, Relationship Manager.

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 9.7 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 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.

Media Contact:

Shari Rosen, APR
Corporate Communications Manager, TD Bank
shari.rosen@td.com
609-230-7561

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