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