TD Bank‘s Education, Not-for-Profit and Government Finance Group provided a $42.9 million tax-exempt, direct bond purchase, a $4.77 million term loan and $12 million in lines of credit for Vinfen, a New England-based nonprofit.
The bond proceeds provide funding for the organization to acquire and renovate or make capital improvements to approximately 76 facilities and refinance existing debt at lower rates.
Founded in 1977, Vinfen is a provider of community-based services for individuals with psychiatric conditions, intellectual and developmental disabilities, traumatic brain injuries and behavioral health challenges.
Along with refinancing existing debt at more favorable rates, Vinfen plans to use a portion of the bond proceeds to acquire and develop properties to transform them into fully-accessible group homes and to fund planned capital improvements to existing client residences and support facilities throughout Eastern Massachusetts and Connecticut.
“TD Bank is pleased to work with an organization that aligns with our values of supporting access to important human services within our communities, especially for typically underserved populations,” said Aubrey Theall, commercial lending senior relationship manager, TD Bank. “We are glad the financing TD provided will enable Vinfen Corporation to offer enhanced services to the thousands of clients it helps each year.”
