Capital One Makes Significant Investment in Dallas Senior Housing Development

June 8, 2010
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Capital One Bank has marked a significant investment in the Dallas community through a collaborative financing effort to fund The Village at Lakewest, a new development for low- and moderate-income seniors in Dallas. The Village, which opened earlier this year, consists of 360 units, a community center, a private dining area for family events, a theater, and a fitness center.

Capital One Bank provided co-developers, StoneGate Senior Living and the Dallas Housing Authority (DHA), with $19.2 million in tax-exempt bonds for construction and permanent financing. The project was financed in part by $5.3 million in low-income housing tax credits issued by the Texas Department of Housing and Community Affairs and purchased by RBC Capital markets.

To date, StoneGate and the DHA have leased more than 330 units.