Houston-based Texas Dow Employees Credit Union has finalized a $28 million loan for a new hospital in Sweeny, Texas, Credit Union Times reported Aug. 18.
TDECU closed the deal with Sweeny Community Hospital District Aug. 1. Construction is set to begin Aug. 31 and will cost $45 million in total. The hospital is slated to open in 2024.
The credit union's move is one of the latest in a trend in commercial lending, which has shown strong growth throughout the second quarter.
"We want to be a part of projects like these," Josh Brian, market president for TDECU, told the publication. "If there is something going on and we can provide terms that are better, that make more sense, than a large bank, then we want to be the community bank that supports that activity."