TD Bank Provides $6.9M Construction Loan for Affordable Housing Community in Camden, New Jersey

CAMDEN, N.J. — TD Bank has provided a $6.9 million construction loan for Cooper Plaza Townhomes, an affordable housing community in the Cooper Plaza historic district of Camden. All 64 townhomes will remain affordable, serving households earning less than 80 percent of the area median income. The loan will fund part of a $14 million renovation that will modernize the interiors and exteriors of the homes including new HVAC and mechanical systems, replacement of roofs, new windows and porch improvements.Additional funding includes a $3.1 million permanent mortgage provided by Berkadia. TD Bank provided the financing to borrower, The Michaels Organization. Terms of the financing were not disclosed.