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 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.

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.

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.

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.

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% AMI. The first floor will contain a lobby, mailboxes, a package room, a management office, a social service office, an arts/crafts room, a fitness room, a community room, a computer lounge, and a laundry room. Half of the first floor will contain residential units. The property also includes 500 square feet of commercial space at the south end of the first floor that will ultimately be built as a café.