Rick Lyon
Rick Lyon accepts the 2013 Private Sector Partner of the Year award. Left to right: Rick Lyon, Joanne Page, Ted Houghton.
A new partner has emerged in the development of New York supportive housing.
Capital One, one of the nation’s top affordable housing lenders, has provided more than $86 million in specialized financing for New York supportive housing since 2008. The bank has helped finance five residences -- from Common Ground, Fortune Society, Phipps Houses, Broadway Housing Communities and Providence House/Alembic Community Development.
Combined, these residences now provide 516 homes for formerly homeless or low-income New Yorkers.
Rick Lyon has been helping to lead this charge at Capital One. As Senior Vice President and Head of Commercial Real Estate, Mr. Lyon provides financial services to the real estate development and investment community on behalf of the bank. He joined Capital One in early 2008; that same year, his leadership propelled the bank to increase its investment in supportive housing.
“Capital One shares the Network’s mission to invest in innovative, effective solutions to end homelessness and to increase access to affordable housing among our city’s most vulnerable populations,” says Mr. Lyon.
Among its many partnerships, Capital One has worked extensively with Common Ground, the nation’s leading supportive housing provider. In 2012, the bank provided $23 million in financing to help open The Hegeman, a 161-unit residence in the Brownsville neighborhood in Brooklyn. Capital One also provided a grant to support tenants with on-site job training and placement assistance, financial literacy information and education programming.
“Common Ground is indebted to Capital One for its outstanding support of our programs, not only by making a substantial investment in our Hegeman Avenue development, but by giving us their first multi-year Social Purpose Grant to add crucial services at this site that give our residents greater opportunity to lead economically secure and fulfilling lives,” says Brenda Rosen, Executive Director of Common Ground.
The bank also provided $38 million in financing for Castle Gardens, a 114-unit supportive housing residence in West Harlem serving a unique blend of formerly incarcerated tenants and formerly homeless individuals and families.
“Without Capital One’s support, this life-altering project literally wouldn’t have been possible,” says JoAnne Page, President and CEO of Fortune Society. “In 2008, we were in the midst of finalizing our plans and pulling together the financing when the financial market collapsed. All around us, other important projects were being cancelled. But Capital One held strong, they kept their commitment to us and made the dream of Castle Gardens a reality.”
For helping to increase Capital One’s investment in innovative and distinctive supportive housing residences, Rick Lyon is the recipient of our Private Sector Partner of the Year award.