Business
KeyBank Provides $72.8 Million of Financing for New Affordable Senior Housing in Atlanta
CLEVELAND, OH / ACCESS Newswire / November 6, 2025 / KeyBank Community Lending and Investment (CDLI) provided a total of $72.8 million in financing for the first redevelopment phase and new construction of the Atlanta Civic Center, a 148-unit affordable ...
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[{"type":"text","content":"CLEVELAND, OH / ACCESS Newswire / November 6, 2025 / KeyBank Community Lending and Investment (CDLI) provided a total of $72.8 million in financing for the first redevelopment phase and new construction of the Atlanta Civic Center, a 148-unit affordable senior housing project in Atlanta. The full depth and breadth of KeyBank's platform was leveraged to secure the deal for the borrower, CCP Residential I LLC.","length":415,"tagName":"p"},{"type":"text","content":"KeyBank CDLI provided a $39.1 million taxable construction loan as well as a $25.2 million in federal Low Income Housing Tax Credit (LIHTC) equity. Key Commercial Mortgage Group arranged an $8.5 million Fannie Mae MTEB permanent loan, and KeyBanc Capital Markets underwrote two series of tax-exempt bonds totaling $30 million.","length":326,"tagName":"p"},{"type":"text","content":"This revitalization initiative is a public-private partnership between Atlanta Housing and Civic Center Partners - a joint venture made up of The Michaels Organization (Michaels), Sophy Companies, and Republic Properties. The borrowing group includes The Michaels Organization (Michaels), a premier leader in residential real estate with a 50-year history and a portfolio exceeding $12 billion in assets, Republic Properties, which has executed over 35 public-private sector projects with over $2 billion of new projects under construction, and Sophy Companies, an Atlanta-based, minority-owned, fully integrated commercial real estate firm specializing in urban infill developments that enhance the built environment. Michaels is the lead developer, Sophy is the co-lead, and Republic Properties is the co-developer.","length":817,"tagName":"p"},{"type":"text","content":"Atlanta's Civic Center - owned by Atlanta Housing - is being redeveloped as a mixed-income, mixed-use community situated in the city's Old Fourth Ward, within close proximity to MARTA's Civic Center transit station and Renaissance and Central Parks. The initial phase consists of 148 one-bedroom units in a six-story building, with 74 underground parking spaces and amenities suited for active seniors 55 and older.","length":427,"tagName":"p"},{"type":"text","content":"Thirty units in the development have been set aside as 50% area median income (AMI) units, with the balance (118 units) reserved for seniors earning less than 60...