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. 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.
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.
