Construction Loan Helped Fund New Neighborhood Plaza
BROOKLYN, N.Y.--(BUSINESS WIRE)--May. 13, 2009--
Capital One Bank, N.A., and the Cypress Hills Local Development
Corporation unveiled the new Cypress Plaza Mews development at a
ribbon-cutting ceremony today in Cypress Hills, Brooklyn. Located on
Fulton Street, the mixed-use commercial/residential development in the
heart of Cypress Hills provides street-level shopping and attractive,
affordable housing for this vibrant neighborhood. Capital One Bank
provided a construction loan for the development.
“At Capital One, we recognize the tremendous impact that developments
like this can have on the local community,” said BJ Duffy, Brooklyn
Market President, Capital One Bank. “Small businesses are the engine for
economic and community growth. Capital One is proud to be involved in a
project that reinforces and supports the critical link between community
commitment and business success and we applaud the efforts local leaders
have made to attract new businesses to Cypress Hills.”
Cypress Plaza Mews has six commercial store fronts and eighteen
residential units. Each ground-floor commercial unit is made up of 1,100
square feet with more than 800 square feet of storage space underneath.
The nearly $7 million dollar complex is a cornerstone in the ongoing
economic revitalization of Cypress Hills. In addition, the new
affordable commercial space that has been rented to new businesses that
bring a range of new goods and services to the area including a sports,
women’s & children’s apparel store, a deli and a childcare provider
(part of Cypress Hills Child Care Corporation’s network of providers).
Cypress Hills Local Development Corporation (CHLDC), a respected
developer of affordable housing and community facilities in Cypress
Hills since 1985, has taken a fresh approach to mixed-use properties
with the Plaza Mews project.
“This development is directly located in a thriving commercial strip
with easy access to train lines that serve more than 5,000 commuters
each day,” said Michelle Neugebauer, Cypress Hills Local
Development Corporation. “We’re confident that Cypress Plaza Mews will
continue to grow the neighborhood economy and offer tremendous
opportunities for entrepreneurs.”
“Cypress Plaza Mews is a great example of the public-private partnership
that is at the heart of Mayor Bloomberg’s New Housing Marketplace Plan,”
said Rafael E. Cestero, Commissioner of the NYC Department of Housing
Preservation and Development. “The result is a beautiful mixed use
building that offers not only affordable commercial space, but the
quality affordable housing that is so important to keeping Cypress Hills
a vibrant live-work community.”
About Capital One
Capital One Financial Corporation (www.capitalone.com)
is a financial holding company whose subsidiaries, which include Capital
One N.A. and Capital One Bank (USA), N.A., collectively had $121 billion
in deposits and $150 billion in managed loans outstanding as of March
31, 2009. Headquartered in McLean, Virginia, Capital One offers a broad
spectrum of financial products and services to consumers, small
businesses and commercial clients. Capital One, N.A. and Chevy Chase
Bank, F.S.B. have approximately 1,000 branch locations primarily in New
York, New Jersey, Texas, Louisiana, Maryland, Virginia, and the District
of Columbia. A Fortune 500 company, Capital One trades on the New York
Stock Exchange under the symbol "COF" and is included in the S&P 100
index.
About Cypress Hills Local Development Corporation (CHLDC)
Local residents and merchants founded Cypress Hills Local Development
Corporation (CHLDC) in 1983, to improve their Brooklyn neighborhood.
Their mission is to revitalize the Cypress Hills community through
housing preservation, economic development, and the positive development
of youth and families. They serve 8,000 residents annually. CHLDC’s
programs strengthen the area’s physical and economic infrastructure,
provide quality educational and social services, and foster local
leaders.
Source: Capital One
Capital One
Diana Don
212-580-0161
diana.don@capitalone.com