Capital One Closes $8MM Facility for Property Development
Capital One Bank announced it provided an $8 million construction credit facility and term financing to Yates Corner, a local family-owned automotive services business based in Alexandria, VA.
The loan will fund the construction of Yates Corner, a state-of-the-art, mixed-use commercial property that will house Yates Automotive’s headquarters and lease the additional space to other tenants and third parties. Construction for the new property is expected to be completed in December 2013, and it is confirmed to feature Yates Green Dry Cleaners, Yates Automotive and a 7-Eleven.
“As the second-generation CEO of my family’s Alexandria-based automotive services business, we strive to provide hands-on, high quality customer service. I expect the same from my bank – and that is exactly what we found with Capital One Bank,” said Jason Yates, owner of Yates Automotive. “The Capital One Bank team’s commitment to helping us secure the Yates Corner deal was matched with expertise and product offerings that made this project viable. As a result of the initial loan, we’ve established a long-term and expanded relationship, including deposit and treasury management services.”
“Our team at Capital One Bank recognized the strategic value of the Yates Corner development and we were committed to finding an efficient and effective financing solution combined with deposit and treasury management services that helped the company secure the deal,” said Richard Amador, senior vice president, Middle Market Banking, Capital One Bank. “We very much value the relationships we’ve established with a great local business like Yates Automotive and look forward to partnering with the Yates family and its team for years to come.”