TD Bank invests $43M in UMaine System campus expansion projects

Rendering / Courtesy, University of Maine System A rendering shows the planned student residence, Portland Commons, on the University of Southern Maine's Portland campus.

Write a Comment

By Staff

TD Bank N.A. said on Wednesday it is providing $43 million in bond financing to support campus expansion projects at the University of Southern Maine in Portland and the University of Maine in Orono.

The bank’s purchase of the bond anticipation note will help fund construction of a range of projects, according to a news release.

At USM, they include the planned Portland Commons residence hall, a new Career and Student Success Center, and a new parking garage. The campus development project, the largest in USM’s history, is estimated to cost $99 million. The bond funding will also go toward the $78 million Ferland Engineering Education and Design Center now being built on the UMaine campus.

The bond funding will be disbursed over a 14-month period, the bank said.

"TD Bank is pleased to support the university system in Maine with this bond financing to help fuel their investments in student success and workforce development across the state," said Christopher Turley, team leader of not-for-profit, education and government finance for TD Bank's northern New England market.

"Even after a year that significantly challenged higher educational institutions, the University of Maine System is poised to serve more students," he said.

TD Bank, headquartered in New Jersey, is one of the 10 largest banks in the U.S. and has the largest market share of any bank in Maine, with $5.2 billion in Maine deposits, or 14.09% of the total, according to the 2021 Mainebiz Book of Lists.