TD Bank is one of the larger and more active bank lenders operating primarily along the East Coast of the United States — its unofficial stomping grounds.
The bank lender — a subsidiary of Canadian multinational bank and financial services company Toronto-Dominion Bank — operates across many avenues of the space, including originating long-term, fixed-rate debt, bridge loans, construction loans and participating in large loan transactions via syndicated deals, such as its participation in May 2020 in the $972.6 million construction loan provided to Oxford Properties and the Canadian Pension Plan Investment Board on the joint venture’s redevelopment of St. John’s Terminal in Manhattan.
If it serves as any indication of TD’s pedigree, especially in New York, sources told Commercial Observer in early 2020 that every major bank was “fighting to get a piece” of the St. John’s Terminal debt opportunity, which featured Google as the sole occupant in the asset — a platinum, foolproof tenant, of sorts, in a down market.
It was also one of five co-lead banks that upsized and refinanced a $1.75 billion construction loan on SL Green Realty Corp.’s One Vanderbilt in 2019; it committed $200 million in debt to the asset, which will serve as its new New York headquarters once its offices consolidate in the property in 2021.
The One Vanderbilt loan was just a piece of TD Bank’s $7.4 billion in originations in 2019, which climbed from $6.6 billion the prior year.