Ballard Spahr served as counsel to TD Bank, N.A., in a transaction to help finance a developer’s acquisition and renovation of an affordable housing complex in Smyrna, Delaware.
The firm’s attorneys advised TD Bank on a direct placement transaction involving the bank’s purchase of $8.65 million in multifamily housing revenue bonds issued by the Delaware State Housing Authority (DSHA). The agency will use the bond proceeds to make a drawdown loan to Frazier Apartments LLC of Severn, Maryland, for the acquisition, rehabilitation, and equipping of the Frazier Place Apartments. The 54-unit multifamily residential rental development comprises nine buildings on Goldsborough Way and Hurst Way in Smyrna and provides housing for lower-income residents and senior citizens.
Additional funding for the project is being raised through a separate $1 million DSHA loan, as well as Low Income Housing Tax Credits and financing from the U.S. Department of Agriculture.
Scott A. Schaffer, Vice President and Senior Loan Officer in TD Bank’s Commercial Banking Group, led the transaction for TD Bank.
The Ballard Spahr team for the transaction included Delaware Public Finance partner and Co-Chair of the firm’s national Finance Department, Emilie Ninan, and real estate finance lawyers Mary Croft, Rachel S. Dichter, and P. Andrew Spicknall.
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