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TD Bank Provides $59.7MM in Funding for Not-for-Profit Vinfen

December 10, 2019, 08:00 AM
Filed Under: Specialty Industries
Related: TD Bank

Residents of Massachusetts and Connecticut will have increased access to community-based human services thanks to a recent financing arrangement between Vinfen Corporation and TD Bank.

TD Bank's Education, Not-for-Profit and Government Finance Group recently 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 not-for-profit organization that is one of the largest human services providers in New England. 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 leading 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 Corporation plans to use a portion of the bond proceeds to acquire and develop properties to transform them into fully-accessible group homes and also 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."

Vinfen also provides a wide range of evidence-based programs in recovery, supported living, habilitation, education, employment, clinical and peer support to the populations it serves. Vinfen has more than 450 locations in Massachusetts and Connecticut, more than 3,200 employees and serves 10,000 people each year.

“We were extremely pleased with TD's negotiations and assistance for our financing, and we are off to a great start working together in our banking relationship," said Bruce Bird, President and CEO of Vinfen Corporation. "It's clear TD Bank shares our values and will have other significant opportunities in our sector.”

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