Morgan Dermatology to Expand with Financing from TD Bank

Morgan Dermatology is expanding, thanks to a $1.38 million term loan and $5.26 million Commercial Real Estate Mortgage (CREM) from TD Bank and its Healthcare Practice Solutions Group (HPSG). The financing will enable Morgan Dermatology to relocate from its current 5,000-square-foot facility to a more than 24,000-square-foot space in Ocean, N.J.

 The new location will allow the practice to expand from 13 to 37 treatment rooms, significantly increasing Morgan Dermatology's ability to serve the marketplace and patient demand for dermatology services. The practice will immediately relocate to the new location once construction is complete. 

"Dermatologists have their own unique set of needs and challenges that must be considered as part of their business strategy, especially when considering a major project expansion to continue to enhance the customer experience," says Dan Croft, Head of Healthcare Practice Solutions Group, TD Bank. "TD Bank is proud to utilize our industry expertise to support dermatologists, like Dr. Morgan, and help them grow their business and achieve their long-term financial goals."

 Morgan Dermatology was founded by Aaron J. Morgan, MD more than eight years ago and has been operating from its current Ocean, N.J. location for the last two years. The practice provides a comprehensive suite of dermatology services and treatments, including general dermatology for adults, pediatric dermatology and cosmetic services.

"Working with TD Bank and its Healthcare Practice Solutions Group on the financing of this project was a seamless and positive experience," says Dr. Aaron Morgan. "The team truly understood my business and its needs and provided me with support every step of the way."

TD's HPSG underwrites loans of up to $20 million for practices with revenues up to $30 million throughout TD's Maine to Florida footprint with a special focus on dermatology, other medical practices, dental, veterinary and eye care. The team's specialties include equipment loans, practice mergers/acquisitions, partnership buy-ins or buy-outs, expansions/relocations, commercial real estate loans and refinancing. The deal team was led by Chris Stasuk, Healthcare Practice Solutions Group Business Development Officer, and Jen Marini, Relationship Manager.