CLEVELAND, November 6, 2025 /3BL/ – 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.
“Midtown Atlanta is a desirable location and demand to live there is growing fast, but the pace of senior-specific affordable housing is not yet matching that growth,” said Robert Likes, president of KeyBank CDLI. “We were uniquely positioned for this deal and tapped multiple teams across the bank to help secure financing, which will bring more of such housing to the area.”
“The Atlanta Civic Center redevelopment represents a once-in-a-generation opportunity to reconnect a historic neighborhood through inclusive and intentional development,” said Michael Green, CEO of Sophy Companies. “As co-lead developer, Sophy Companies played an integral role in shaping the project’s financial and community development strategy. We are proud to partner with Atlanta Housing, The Michaels Organization, and Republic Properties to advance a shared vision that keeps affordability, design excellence, and cultural legacy at the heart of this transformation. This work is also part of Sophy’s broader commitment to inclusive redevelopment across Atlanta, including the long-term vision for the Civic Center’s future.”
About KeyBank Community Development Lending and Investment
KeyBank Community Development Lending and Investment (CDLI) finances projects that stabilize and revitalize communities across all 50 states. As one of the top affordable housing capital providers in the country, KeyBank’s platform brings together construction, acquisition, bridge-to-re-syndication, and preservation loans, as well as lines of credit, Agency and HUD permanent mortgage executions, and equity investments for low-income housing projects, especially Low-Income Housing Tax Credit (LIHTC) financing. KeyBank has earned 11 consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency, making it the first U.S. national bank among the 25 largest to do so since the Act’s passage in 1977.
About KeyBanc Capital Markets
KeyBanc Capital Markets is a leading corporate and investment bank providing capital markets and advisory solutions to dynamic companies capitalizing on opportunities in changing industries. Our deep industry expertise, broad capabilities and unique ideas are seamlessly delivered to companies across the Consumer & Retail, Diversified Industries, Financial Services, Healthcare, Industrial, Oil & Gas, Real Estate, Utilities, Power & Renewables, and Technology verticals. With more than 800 professionals across a national platform, KeyBanc Capital Markets has raised more than $125 billion of capital over the last twelve months for its their clients and has an award-winning equity research team that provides coverage on over 500 publicly traded companies.
KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp® and its subsidiaries, KeyBanc Capital Markets Inc., Member FINRA/SIPC (“KBCM”), and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives. Banking products and services are offered by KeyBank N.A. Securities products and services: Not FDIC Insured • No Bank Guarantee • May Lose Value
About KeyCorp
KeyCorp’s roots trace back 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $187 billion at September 30, 2025.
Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
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