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TD Bank Provides Nearly $6 Million in Financing for Affordable Apartment Housing in Charleston
2/19/2015 12:12:43 PM

TD Bank, America's Most Convenient Bank®, announced this week that it provided nearly $6 million to developer The Hampstead Group for the renovation and rehabilitation of 100 multi-housing units in the Ashley River area of Charleston. The loan carries a five-year term with a 25-year amortization and was completed by Lori Swan, vice president, commercial relationship management at TD Bank.

The credit will be used to renovate the apartment units at Palmilla Parkside, previously known as St. Andrews Gardens, to provide housing for moderate-income residents. The original apartments, located next to St. Andrews Park, were built in the 1970s as low-income housing and recently fell into extreme disrepair. As part of its planned remodeling, Hampstead will include energy-efficient windows, plank flooring, stainless steel appliances and other upgrades in this community. Palmilla Parkside is one component of a multi-use development, which includes another 228 apartment units in an adjacent complex. Construction began in January 2015 and is expected to be complete within the next 15 months.

“TD Bank continues to invest in multi-housing projects that enhance communities and create access to quality housing in the Lowcountry,” said Michael Renault, Regional Vice President for TD Bank in Charleston. “We feel strongly that residents should have access to affordable, safe housing and look forward to working with Hampstead as they build on this vision in Charleston.”

“We are very excited about what we're seeing in Charleston and the activity in the market,” said Chris Foster, Hampstead president. “This partnership with TD Bank will undoubtedly help change the character of the neighborhood for the better, and we look forward to the completion of this project.”


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