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Recently Funded Deal: School

Recently Funded Deal: School

Situation:

  • A school located in Paramus, NJ was closed in order to prepare for the demolition of the structure and construction of the new facility.
  • The property had been operating since 1988 and the principal of the previous school also operates another school that is located 45 minutes from the property.

Solution:

  • TD Bank recognized the fit for a CDC 504 loan for the new facility.
  • The 504 Company funded $1,690,000 of a $4,225,000 project that allowed the new facility to be built and for the property to be purchased.

Impact:

  • The purchase provided the owner with the opportunity to build a 2 story, 11,931 square foot building for the new school.
  • In addition, the owner can build 12 new classrooms, a lunchroom, a kitchen, and a staff room.
  • Also included within this project is funding for furniture, appliances, equipment, classroom supplies, and much more.

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