TD Bank Provides $75.8 Million in Financing to Senior Care Provider MorseLife, Inc. Deal to fund new construction, expansion/renovation of current facilities and retiring of debt
WEST PALM BEACH, Fla., Oct. 8, 2012 /PRNewswire/ -- TD Bank, America's Most Convenient Bank®, announced today that its Healthcare Banking Group has provided $75.8 million in financing to West Palm Beach-based MorseLife, Inc., parent company to the Joseph L. Morse Geriatric Center, Inc. and The Tradition of the Palm Beaches, Inc., to support new construction, renovation and expansion of existing facilities, and to retire debt. The financing took the form of the issuance of tax-exempt bonds through the Palm Beach Health Facilities Authority.
MorseLife and its various affiliated companies were originally founded in 1983 and operate as 501(c)(3) not-for-profit corporations, offering services including independent and assisted living, rehabilitative care, nursing, and home and community-based services to Palm Beach County seniors.
Construction of a new, state-of-the art, 120-bed rehabilitative care nursing complex will be funded by $30 million of the financing's proceeds, combined with company resources. Additional projects include the renovation of the company's existing Resnick Pavilion, which houses 160 nursing beds, and the renovation and expansion of the company's existing Edwards Pavilion, which when completed will operate 30 beds of skilled nursing care as well as 54 assisted living units serving seniors with Alzheimer's or related memory impairments.
The remaining $45.8 million was used to retire the company's outstanding Series 2003 tax-exempt bonds, previously issued through Palm Beach County, Florida. TD Bank, N.A. purchased all of the bonds.
Colleen Mullaney, Head of TD Bank's Healthcare Banking Group, South, commented, "The financing provided to MorseLife reinforces TD Bank's commitment to the not-for-profit and healthcare sectors. As MorseLife expands, we're eager to serve as their financial partner and update their senior care facilities in Palm Beach County."
"This represents an investment in our future due to the burgeoning growth of the senior population in Palm Beach County," said Keith Myers, President and CEO of MorseLife. "We would like to thank TD Bank and the Palm Beach Health Facilities Authority for providing the funding that that makes possible our vision of senior care in Palm Beach County in the coming years."
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 nearly 8 million customers with a full range of retail, small business and commercial banking products and services at nearly 1,300 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., and Portland, Maine. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDMoneyLoungeUS and on Twitter at www.twitter.com/TDBank_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 is one of the few banks in the world rated Aaa by Moody's and trades on the New York and Toronto stock exchanges under the ticker symbol "TD." To learn more, visit www.td.com.
MorseLife is a nationally-recognized provider of health care, housing and support services for seniors and their families in Palm Beach County. A charitable, not-for-profit organization, its programs include short-term rehabilitation, long-term care, independent and assisted living, home care, care management, adult day center, meals-on-wheels, and research and training. Founded 30 years ago, MorseLife has built a reputation of caring for seniors with excellence, dignity and compassion. For more information, visit www.morselife.org.
SOURCE TD Bank