ATLANTA — KeyBank Community Development Lending and Investment (CDLI) has arranged $72.8 million in financing for the phase of the redevelopment of Atlanta Civic Center. The borrower, Civic Center Partners, is converting a portion of the property into a 148-unit affordable seniors housing community.
Civic Center Partners — a joint venture between The Michaels Organization, Sophy Cos. and Republic Properties — is partnering with Atlanta Housing, which owns the Atlanta Civic Center, on the project.
KeyBank CDLI provided a $39.1 million taxable construction loan and $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.
Upon completion, the senior living community will feature 30 units reserved for residents earning at or below 50 percent of the area median income (AMI); the remaining 118 units will be reserved for seniors earning at or below 60 percent of the AMI. All units will be reserved for residents age 55 and older. Amenities at the community will include a lobby, package room, social service office, arts and crafts room, fitness center, community room, computer lounge and laundry room. Additionally, 500 square feet of commercial space on the first floor will be turned into a café.
The seniors housing community marks the first phase of the transformation of the Civic Center, which is being redeveloped as a mixed-income, mixed-use community.
A construction timeline was not disclosed.