TD Bank provided a $13.5 million loan to Mountain Area Health Education Center (MAHEC) to support operations of its newly completed Asheville Biltmore campus. The loan carries a 20-year term and was completed by TD Bank’s local commercial banking team.
MAHEC provides quality health care in a compassionate environment as a foundation for training top physicians, dentists and health professionals. Founded in 1974, MAHEC trains medical professionals for Western North Carolina (WNC) through residency programs in family medicine, ob-gyn and dentistry that use innovative education and best-practice models.
The organization’s Asheville Biltmore campus was completed this summer and features state of the art and cost-effective facilities to deliver medical and educational services from one central campus. The loan will provide a mortgage for the new campus.
“TD Bank seeks to work with and invest in organizations that provide a better quality of life in our communities, such as the essential health services provided by MAHEC,” said Charles Frederick, TD Bank Market President for North Carolina. “We are pleased to not only provide financing for MAHEC to support the operation of the beautiful new campus, but to be able to deliver a comprehensive commercial banking experience.”
“One campus is better for our patients, our staff and our budget. Three years ago, MAHEC facilities at five different locations were outdated with high maintenance costs, unfavorable lease rates and no room for growth,” said MAHEC Chief Financial Officer George Wike. “TD Bank has been a strong financial partner and has well positioned us to be a health care leader and expand our mission to recruit, train and retain health care providers in Western North Carolina.”
TD Bank is one of the ten 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 approximately 1,300 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida.