LifeStance completes Debt Refinancing to replace Private Credit Structure

On June 26, 2025, KeyBanc Capital Markets (KBCM), as Sole Manager, and the City of Huber Heights, Ohio (the City), successfully closed a $56.2 million Various Purpose Notes, Series 2025 (General Obligation – Limited Tax) (the Notes) transaction. Proceeds received from the sale of the Notes will be used to 1) retire, with Note proceeds and cash in hand, Notes issued for the purpose of paying the costs of improving (a) the public works department, (b) city council facilities, (c) fire station facilities, (d) the Meadows infrastructure project, (e) public improvements; and (2) providing funds for City Hall renovations and the design of an indoor music center for community use.

Located just minutes from Wright-Patterson Air Force Base and Dayton’s commercial center, Huber Heights is home to over 800 businesses, from high-tech manufacturers to distributors. The residents of Huber Heights are spread comfortably over 25 square miles. Just over 38,000 residents of diverse backgrounds earn an average income of more than $69,000. The City is a community that provides an outstanding business environment that supports a high quality of life and an affordable cost of living coupled with abundant recreational and cultural amenities. A host of nationally acclaimed institutions of higher learning are within minutes of the City, including the Air Force Institute of Technology, several acclaimed universities (Cedarville, the University of Dayton Wilberforce, Wittenberg, and Wright State, among others). Together these institutions offer everything from advanced degrees to executive leadership training and lend to robust community amenities.

On July 24, 2025, KeyBanc Capital Markets (KBCM) successfully advised Omni Glass & Paint, LLC (Omni or the Company), a portfolio company of Merit Capital Partners (Merit), on its sale to The Sterling Group Foundation Fund (Sterling). KBCM was selected to serve as Omni's Exclusive Sell-Side Advisor based on its industry-leading specialty distribution investment banking practice, long history of transaction success within the glass/window industry, and track record of successful M&A execution.

Omni is a leading provider of a broad range of glass and paint products and services. Founded in 1967, Omni provides custom glass, panels, contract glazing, and specialty coating solutions to general contractors and manufacturers, primarily in Wisconsin. The Company operates through five divisions including Glass, Paint, OEM, Residential, and Tempering. Omni is headquartered in Oshkosh, Wisconsin, and has six facilities throughout the state.

Headquartered in Chicago, Merit is a private equity investment firm with $2.7 billion of capital under management. Founded in 1993, the firm focuses on providing equity and subordinated debt to lower middle market companies. Merit partners with business owners, management teams and independent sponsors to support management buyouts, recapitalizations and growth financings across the manufacturing, distribution and services sectors.

Headquartered in Houston, Texas, The Sterling Group is a leading private equity and private credit investment firm with $9.4 billion of assets under management. Founded in 1982, the firm focuses on lower middle market companies and partners with management teams to strategically and operationally improve businesses operating within basic manufacturing, distribution, and industrial service industries. The Foundation Fund is a 2023 vintage buyout fund with over $635 million of committed capital.

On July 8, 2025, KeyBanc Capital Markets (KBCM) successfully advised Kodiak Interiors Group, LLC (Interiors or the Company), the interiors division of Kodiak Building Partners, Inc. (Kodiak), a portfolio company of Court Square Capital Partners (Court Square), on its sale to a Private Investor Consortium. KBCM served as Interiors’ Exclusive Sell-Side Advisor based on its industry-leading Industrial Building Products practice, proven M&A execution capabilities and relevant carveout transaction experience.

Interiors is a leading national distributor of interior building products and provider of installation services for homebuilders and repair & remodel contractors. The Company operates 35+ locations in Arizona, Colorado, Pennsylvania and Texas, offering appliances, flooring, cabinets and other interior products.

Kodiak, headquartered in Englewood, Colorado, is a national building materials distribution platform founded in 2011, employing more than 6,500 team members across 29 states. Kodiak serves local and national customers across the residential construction, repair & remodel, commercial and infrastructure construction markets. Their diverse product offering includes lumber and building materials, construction supplies, gypsum and interiors products.

Court Square is a New York-based private equity investment firm that has completed more than 245 platform acquisitions. Court Square focuses on investing in middle-market Industrials, Business Services, Healthcare and Tech & Telecom companies, partnering with founders, families and management teams to drive long-term value and establish market leadership.

Cain Brothers, a division of KeyBanc Capital Markets, served as financial advisor to Beacon Health System in its acquisition of Ascension Southwest Michigan, including the Borgess Health System.

On behalf of Beacon, Cain Brothers proactively approached Ascension about divesting Borgess Health. Following numerous discussions, the assets were formally marketed and the persistence of the Cain Brothers team, along with a thoughtful RFP response, positioned Beacon as the best partner. The transaction closed on July 1, 2025.

Founded in 2011, Beacon Health has grown to a nine-hospital not-for-profit system in northern Indiana and southwest Michigan. Beacon is headquartered in South Bend and employs more than 8,000 associates throughout the region at over 74 different locations.

Borgess is a not-for-profit health system consisting of four hospitals, 35 outpatient clinics, and one ambulatory surgery center. The largest facility is a 422-bed acute care hospital in Kalamazoo. Borgess has more than 2,700 associates, including 261 providers.

Ascension is one of the nation’s largest not-for-profit health systems, with approximately 99,000 associates, 23,000 aligned providers, 94 wholly-owned or consolidated hospitals, and ownership interests in 27 additional hospitals. Ascension also operates 30 senior living facilities and a variety of other care sites offering a range of services.

Cain Brothers and KeyBanc Capital Markets served as Joint Lead Arranger and Joint Bookrunner on the transaction due to its industry expertise and long-standing relationship with the Company, as well as leading debt capital markets capabilities.

Radiology Partners is a leading physician-owned and -led radiology practice, offering 24/7/365 on-site and remote diagnostic and interventional services to a diverse base of hospital and outpatient imaging facility customers across all 50 states. The Company focuses on clinical value, technology enablement and outstanding service, offering technology, AI tools, and “around the clock” subspecialty coverage to its customers. Radiology Partners is a partner of choice for leading US health systems, serving all top 10, and 17 of the top 20 largest systems in the country.

NEA is a global venture capital and growth equity firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors, and geographies. With more than $26 billion in cumulative committed capital since the firm’s founding in 1977, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of successful investing includes more than 230 portfolio company IPOs and more than 390 mergers and acquisitions.

Whistler is a Nashville-based private equity firm focused on growth equity and growth buyouts in the healthcare industry and related tech-enabled services verticals. With over $1.8 billion in assets under management, the firm partners with world class leadership teams, supporting them with strategic resources and capital, with a particular focus on deploying or expanding investments in technology-enabled and data-driven opportunities.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive advisor to Allied OMS on its minority recapitalization by 65 Equity Partners, while KeyBanc Capital Markets served as exclusive debt advisor to raise senior debt facilities.

Leveraging a longstanding relationship with management and expertise in the dental sector, Cain Brothers worked with the Company’s leadership to pursue a strategic partnership that aligned with Allied OMS’ strategic vision. The investment by 65 Equity Partners positions the Company for its next phase of growth while preserving its doctor-led model and operational independence.

In parallel, KBCM advised on a new senior credit facility to refinance the Company’s debt facility and provide capital to support continued expansion. The new financing is comprised of a $165 million Term Loan, a $20 million Revolving Credit Facility and a $60 million Delayed Draw Term Loan.

Allied OMS is a doctor-owned, -led and -governed MSO that partners with oral and maxillofacial surgery practices across the U.S. Combining the autonomy of private practice with the scale and sophistication of institutional support, Allied OMS empowers surgeons to lead the future of their specialty. The Company currently supports surgeons in 50+ locations and maintains doctor leadership across all major committees and its Board of Directors.

65 Equity Partners is a global investment firm that supports founders in their growth journey. With $3.3 billion in funds under management and a mandate to invest in entrepreneur-led businesses, 65EP backs companies across healthcare, technology, consumer, industrials, and business services. The firm is backed by Temasek and has offices in Singapore, London, Paris, San Francisco, and New York.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive advisor to Allied OMS on its minority recapitalization by 65 Equity Partners, while KeyBanc Capital Markets served as exclusive debt advisor to raise senior debt facilities.

Leveraging a longstanding relationship with management and expertise in the dental sector, Cain Brothers worked with the Company’s leadership to pursue a strategic partnership that aligned with Allied OMS’ strategic vision. The investment by 65 Equity Partners positions the Company for its next phase of growth while preserving its doctor-led model and operational independence.

In parallel, KBCM advised on a new senior credit facility to refinance the Company’s debt facility and provide capital to support continued expansion. The new financing is comprised of a $165 million Term Loan, a $20 million Revolving Credit Facility and a $60 million Delayed Draw Term Loan.

Allied OMS is a doctor-owned, -led and -governed MSO that partners with oral and maxillofacial surgery practices across the U.S. Combining the autonomy of private practice with the scale and sophistication of institutional support, Allied OMS empowers surgeons to lead the future of their specialty. The Company currently supports surgeons in 50+ locations and maintains doctor leadership across all major committees and its Board of Directors.

65 Equity Partners is a global investment firm that supports founders in their growth journey. With $3.3 billion in funds under management and a mandate to invest in entrepreneur-led businesses, 65EP backs companies across healthcare, technology, consumer, industrials, and business services. The firm is backed by Temasek and has offices in Singapore, London, Paris, San Francisco, and New York.

On June 30, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed $73 million of Senior Secured Credit Facilities in support of Cenergy Power and its Grounded ESP II LLC portfolio. The facilities comprise a $31 million construction-to-term loan, $41 million in aggregate bridge loans, and $1 million in letters of credit, which will be used to fund construction costs at the Portfolio. KBCM acted as Coordinating Lead Arranger, Depository Agent, Collateral Agent, and Administrative Agent.

The Grounded ESP II LLC portfolio consists of four Illinois community solar assets totaling 24 MW across the Ameren and ComEd utility zones. All projects received the IL Shines REC awards. The projects are expected to reach commercial operations by the end of the 2025.

This represents the first financing transaction between KBCM and Cenergy.

About Cenergy Power
Cenergy Power, formed in 2006 by a group of seasoned power system professionals and financial experts, is a leading distributed generation and small utility-scale solar developer, owner and operator with more than 450 MWs of experience working with local communities and businesses on value-added solar projects. For more information, please visit: www.cenergypower.com

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Western Washington Medical Group in the formation and capitalization of a management services organization with IKS Health.

Cain Brothers was engaged based on its expertise and experience in advising multi-specialty physician groups and its success in structuring innovative, value-aligned partnerships. The joint venture supports WWMG’s long-term goals of clinical independence, operational efficiency and sustainable growth.

WWMG represents over 100 providers in 20+ specialty areas serving patients and their families in the north Puget Sound region of Washington. The providers are owners of WWMG, and live and work in the communities they serve. For over 30 years, WWMG’s mission provides clinicians the freedom to practice medicine with compassion and in the best interest of patients and their communities.

IKS Health takes on the chores of healthcare — spanning administrative, clinical, and operational burdens — so that clinicians can focus on their core purpose: delivering great care. Combining technology and dedicated experts, IKS enables stronger, financially sustainable enterprises. IKS’s Care Enablement Platform delivers data-driven value and expertise across the care journey, and IKS is a partner for clinician enterprises looking to effectively scale, improve quality, and achieve cost savings through forward-thinking solutions. Founded in 2006, IKS’s global workforce supports large health systems across the United States. 

KeyBank Community Development Lending and Investment (CDLI) provided a $32 million tax-exempt construction loan and a $15 million taxable construction loan to finance the new construction of El Camino Commons, an affordable multifamily housing property in Oceanside, California. The $27.8 million permanent loan will be privately placed with one of KeyBank Commercial Mortgage Group’s (CMG) institutional investors. 

El Camino Real Apartments will be a four-story residential building with 111 units consisting of two and three-bedroom apartments for families earning between 30% and 80% of area median income (AMI). The property will include a leasing office and a community area within a 6,500 square foot common space, including outdoor recreational space and central laundry rooms on each floor. Supportive Services will be provided by Mission Neighborhood Centers (MNC), which offers educational programs, workforce development, homelessness prevention, and social services.

The sponsor, Mirka Investment, is a real estate development firm known for its high-quality affordable multifamily rental communities as well as their assistance of underserved and diverse portions of the population, including financially struggling families, veterans, seniors, formerly homeless, and developmentally disabled individuals.

The project secured an additional $32 million construction loan from the California Municipal Finance Authority through a Multifamily Housing Private Activity Bond issuance, $12.9 million in certificated credits from the City of Oceanside State Housing Tax Credit program via Monarch Private Capital, and $16 million in Federal Low-Income Housing Tax Credit (LIHTC) equity from WNC.

El Camino Real Apartments will be located in Oceanside, California, just north of Carlsbad. The development benefits from excellent transportation access and proximity to essential community amenities, including quality schools and supportive services.

Matthew Haas of KeyBank CDLI’s Western Regional team structured the financing. Hector Zuniga of KeyBank CMG arranged the permanent financing.  

On June 27, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed the syndication of $350 million Senior Secured Credit Facilities for Tule River Tribe Gaming Authority, an instrumentality of the Tule River Indian Tribe. The Credit Facilities include a $100 million Revolver, $100 million Term Loan and $150 million Delayed Draw Term Loan, which will refinance existing indebtedness and fund construction of the Tribe’s Eagle Mountain Casino ~$280 million expansion project. KBCM acted as Left Lead Arranger, Joint Bookrunner, and Administrative Agent.

This transaction represents KBCM’s second left lead syndicated transaction with Tule River Tribe Gaming Authority. They selected KBCM due to our longstanding relationship with the Tribe and management team, our extensive knowledge and experience within the Native American Financial Services industry, and successful track record of syndicating transactions in the gaming space.

About Tule River Indian Tribe
The Tule River Indian Tribe is a federally recognized Indian tribe comprised of over 1,900 members. The Tribe’s reservation covers almost 85 square miles in the foothills of the Sierra Nevada mountains.

About Eagle Mountain Casino
Eagle Mountain Casino reopened to the public in May 2023 after relocating to Porterville, California, and currently features 1,750 slot machines, 20 table games, multiple restaurants and a 2,000-seat event center. The project will transform the Casino into a destination-style resort featuring a 193-room hotel, conference and meeting space, pool, spa, lazy river and other premium amenities. Construction will be completed in two overlapping phases, with final completion expected in May 2027.

In June 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed $280 million of Senior Secured Credit Facilities (the Facilities) for Scout Clean Energy’s Gonzaga Ridge Wind Project in Merced County, California. The Facilities include a Construction Loan, a Transfer Bridge Loan, and Letter of Credit Facility. Proceeds will be used to fund construction of the 147.5 MW wind repowering project, which revitalizes the original 18 MW Gonzaga Ridge wind farm built in the 1980s. KBCM acted as Coordinating Lead Arranger and Administrative Agent.

About Scout Clean Energy
Scout Clean Energy is a renewable energy developer and owner-operator based in Boulder, Colorado with a nationwide portfolio of wind, solar, and storage projects totaling 1.6 GW of operating and construction capacity, 2.1 GW of late-stage development assets, and a 19+ GW development pipeline. Scout has expertise in all aspects of renewables project development, permitting, power marketing, finance, construction, 24/7 operations, and asset management. Scout is a portfolio company managed by Brookfield Asset Management, which acquired Scout in 2022.

KBCM Relationship
Scout Clean Energy is a longstanding client of Key across multiple financing and M&A transactions. In 2022, KBCM advised Quinbrook on their $1 billion sale of Scout to Brookfield Renewable. This financing represents the ninth transaction between Scout and KBCM and the 11th transaction between Brookfield Renewable and KBCM.

On June 25, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed on a $125 million Senior Secured Credit Facility to support BlueWave’s distributed generation solar-plus-storage portfolio. 

The facility is structured as a revolving construction and operating warehouse, enabling BlueWave to fund project construction costs and reach a critical mass before pursuing alternative refinancing at maturity. KBCM acted as Coordinating Lead Arranger, Administrative Agent, Collateral Agent, Depositary Agent, and Issuing Bank.

The inital portfolio includes 55.1 MWdc of solar and 13.7 MWh of storage across Massachusetts and New York. Projects are being constructed with tier-1 equipment and contracted by a diverse mix of high-credit-quality offtakers across lucrative community solar markets.

This represents the third transaction between BlueWave and KBCM, and the fifth transaction between Axium and KBCM.

BlueWave Overview
Established in 2010 and headquartered in Boston, Massachusetts, BlueWave is a pioneering renewable energy company that develops, owns, and operates solar and battery storage projects. Diversified across the U.S. Northeast and Mid-Atlantic markets, BlueWave is building one of the largest distributed generation pipelines across 200+ sites, with more than 900 MW of solar and 5 GW of storage.

Axium Infrastructure Overview
Axium Infrastructure is an independent portfolio management firm dedicated to generating long-term investment returns through investing in core infrastructure assets. Axium acquired BlueWave in May 2022 and committed to funding BlueWave as it transitions from a develop-and-flip business to an independent power producer. As of September 30, 2024, Axium Infrastructure has over C$11.5 billion in assets under management, as well as C$2.0 billion in co-investments.

On June 23, 2025, KeyBanc Capital Markets served as Joint Bookrunner on a $600 million Senior Notes offering for Crescent Energy Company. Proceeds will be used for general corporate purposes.

KeyBank Real Estate Capital provided a $67.5 million bridge loan to assist The Hamilton Company with the acquisition of Hill Estates — a 396-unit multifamily residential community located in Belmont, Massachusetts, and two office properties located nearby at a campus off Brighton Street in the town’s easternmost neighborhood. The bridge loan will provide adequate time for the sponsor to best position the asset for a permanent agency financing.

The Hamilton Company will staff an on-site management office and operate all property management and maintenance functions for the 396 units and all common areas. Residents will also have access to the Hamilton’s full range of online tenant services, including online rent payments, maintenance requests, and renter’s insurance.

The two off-site commercial properties will be marketed and sold by The Hamilton Company as they are not part of the core business and revenue model of the Hill Estates residential community. The company plans to make significant capital improvements to the property including the renovation of all units.

“We are thrilled to have played a role in assisting Hamilton grow their robust portfolio through the addition of a legacy multifamily property in a preeminent Boston community,” said T.J. Hussey, relationship manager, KeyBank Real Estate Capital Income Property Group. “We look forward to seeing Hill Estates reach its full potential with the planned capital improvements and operations under Hamilton’s stewardship.” 

Founded in 1954 with the acquisition of a six-unit building, The Hamilton Company, owned by Harold Brown, has become one of the largest privately held real estate organizations in New England. The acquisition of the Belmont property enlarges their portfolio of premier residential properties to nearly 6,000 units in the Greater Boston area.

On June 13, 2025, KeyBanc Capital Markets successfully advised Quavo, Inc. (Quavo), a leading provider of fraud and dispute management technology, on its sale to Spectrum Equity Management, L.P. (Spectrum Equity). 

Quavo is the category leader in end-to-end dispute management software, solving a mission-critical challenge for banks, credit unions and fintechs by streamlining every step of the consumer transaction dispute process. Quavo’s solutions enable financial institutions to deliver faster, more transparent, and more reliable dispute resolutions for account holders – helping build trust, strengthen loyalty, and modernize the way institutions engage with their account holders. QFD, the company’s flagship solution, automates the intake, investigation, chargeback, recovery, and client communications workflows across all payment methods and dispute types while ensuring regulatory compliance and enhancing the account holder experience.

Founded in 1994, Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. The firm partners with management teams to build long-term value in market-leading software, data, and information services companies. Spectrum has invested in 180+ companies and raised $11 billion in Institutional capital since founding. With offices in Boston, San Francisco, and London, the firm is investing its 10th fund.

On June 10, 2025, KeyBanc Capital Markets (KBCM) successfully advised Thermogenics (the Company), a portfolio company of Audax Private Equity (Audax), on its sale to Morgan Stanley Capital Partners (Morgan Stanley). KBCM was chosen to serve as Thermogenics’ Sell-Side Advisor based on its industry-leading Industrial & Business Services practice, longstanding relationship with Audax and the Company, and proven M&A execution capabilities. KBCM previously advised Thermogenics in its sale to Audax in 2022.

Thermogenics is a provider of boiler lifecycle solutions in North America, offering boiler service & maintenance, equipment sales, and rental solutions for its customers' mission critical boilers in industrial, commercial, and institutional sectors. With 24/7 factory-trained technician support and its boiler rentals solution set, Thermogenics and its affiliated brands function as a one-stop shop for its customers' most complex steam and heating needs. Headquartered in Aurora, ON, Thermogenics operates across North America with locations in Ottawa, ON, Cincinnati, OH, Jacksonville, FL, Orlando, FL, Sioux City, IA, West Hartford, CT, Greensboro, NC, Apache Junction, AZ and Las Vegas, NV.

Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of March 2025, over 290 team members, and 100-plus investment professionals, Audax has invested in more than 175 platforms and over 1,350 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value.

Morgan Stanley is a leading middle-market private equity platform focused on privately negotiated equity and equity-related investments primarily in North America. The firm seeks to create value in portfolio companies primarily in a series of subsectors in the industrial and business services, healthcare and consumer markets.

On June 3, 2025, KeyBanc Capital Markets served as Joint Bookrunner on a $500 million Senior Notes offering for Ascent Resources Utica Holdings, LLC (Ascent). Ascent is a portfolio company of EMG, First Reserve Corporation, and Riverstone Holdings. Proceeds will be used for general corporate purposes.

KeyBank Community Development Lending and Investment (CDLI) has provided $43.6 million in construction loans and arranged $7.6 million in permanent loans for the acquisition and rehabilitation of Lee Plaza in Detroit. The 15-story, Art Deco historical landmark will be transformed into housing for seniors and families. The property will include 182 units, of which 117 units will be restricted to individuals 55 years or older and 65 units will be available to families. All tenants are required to earn at or below 60 percent of the area median income. The project, which was acquired by the city and subdivided into three separate condo units, will be completed in three phases. KeyBank’s financing covers the first two phases — floors 2-5 and floors 6-10. The project received additional funding through historic tax credit equity totaling $46.7 million as well as low-income housing tax credit equity from other banks. The City of Detroit provided $27.7 million in soft financing and Invest Detroit and the Michigan State Housing and Development Agency also contributed to the project.

The borrowers and developers, Ethos Development and The Roxbury Group, are Detroit-based real estate development firms.

KeyBank Community Development Lending and Investment (CDLI) provided a $12 million construction loan and invested $16.1 million in Low Income Housing Tax Credit (LIHTC) equity for the construction of Churchill Gateway II, a 70-unit affordable housing family project located at 10526 Churchill Avenue, in Cleveland, Ohio. KeyBank Commercial Mortgage Group also arranged a $5.6 million Freddie Mac permanent loan for the project. Churchill Gateway also has state and local support and received an additional $1.75 million in funding from Ohio Housing Finance Agency.

Churchill Gateway II is the second phase of the anchor development along the East 105th corridor, creating a connection between the Glenville neighborhood to the north and the job center at University Circle to the south. Churchill Gateway Phase II will provide much-needed high-quality affordable housing in the fast-growing Glenville neighborhood of Cleveland. This project will consist of one, four-story building with one-, two- and three-bedroom units for residents earning 30-60% of the area median income and will contain 19 units supported by project-based subsidies.

The sponsor, The NRP Group, is one of the nation's top multifamily real estate developers, general contractors, and property management firms in the United States. Headquartered in Cleveland, The NRP Group is ranked nationally as one of the top 20 affordable housing developers by the National Multifamily Housing Council (#11), and one of the top 25 affordable housing developers by Affordable Housing Finance (#4), a leading industry publication.

Supportive services will be provided by the May Dugan Center, a certified refugee resettlement agency, whose services include assisting refugees, recent immigrants and new Americans to secure housing. As prospective tenants of the project, the May Dugan Center will help these individuals and families navigate the application and leasing process.

Seaver Rickert and Ryan Olman of KeyBank CDLI structured the financing. Robbie Lynn of KeyBank CMG arranged the permanent loan.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to ChristianaCare in its acquisition of Crozer Health’s outpatient centers in southeastern Pennsylvania.

On May 27th, 2025, ChristianaCare was the successful bidder in a highly competitive bankruptcy auction to acquire five ambulatory surgery and outpatient centers in Delaware County, Pennsylvania that were part of the Crozer Health regional health system. Crozer is subsidiary of Prospect Medical Holdings, who filed for bankruptcy protection earlier this year. The transaction complements ChristianaCare’s plans for expansion in the service area. 

ChristianaCare is a non-profit regional healthcare system that provides healthcare services to all of Delaware and portions of the bordering counties in Pennsylvania, Maryland and New Jersey. The system includes an extensive network of primary care and outpatient services, hospitals and specialized centers of excellence. ChristianaCare reported consolidated revenues of $3.1 billion for the last twelve months ending June 30, 2024.

Crozer Health was one of the largest private hospital systems in Pennsylvania, operating multiple hospitals, primary care clinics and outpatient centers across the state. Crozer Health was a subsidiary of Prospect Medical Holdings, a California-based national network of hospitals and affiliated medical groups, who filed for Chapter 11 Bankruptcy in January 2025.

Due to its deep experience with strategic and tactical M&A advisory, Cain Brothers was engaged to serve as financial advisor to assist with financial due diligence, valuation, and bankruptcy auction strategy and tactics. A Purchase Agreement was signed on May 27th, with closing subject to court approval and regulatory review in mid-2025.

On May 29, 2025, KeyBanc Capital Markets served as Joint Bookrunner on a $750 million Senior Notes offering for Civitas Resources Inc. Proceeds will be used for general corporate purposes.

On May 21, 2025, KeyBanc Capital Markets served as Joint Bookrunner on Hinge Health, Inc.’s (Hinge Health or the Company) $502.9 million Initial Public Offering of 15,715,900 shares, including overallotment.

Headquartered in San Francisco, California, Hinge Health leverages software, including AI, to largely automate care for joint and muscle health, delivering an outstanding member experience, improved member outcomes, and cost reductions for its clients. The Company has designed its platform to address a broad spectrum of MSK care – from acute injury, to chronic pain, to post-surgical rehabilitation. The platform helps ease members’ pain, improve their function, and reduce their need for surgeries, all while driving health equity by enabling members to engage in their exercise therapy sessions from anywhere.

On May 13, 2025, KeyBanc Capital Markets (KBCM) closed the sale of a 100% equity stake in Sun Tribe Development to TerraForm Power, an affiliate of Brookfield Asset Management. KBCM was mandated by Sun Tribe as its exclusive financial advisor to identify a strategic partner to support the continued buildout of their 4+ GW solar and energy storage pipeline. With the transaction, TerraForm is initiating a new growth strategy and more than doubling its development pipeline to over 6,000 MW of solar and battery energy storage.

About Sun Tribe Development
Founded in 2019 and headquartered in Charlottesville, Virginia, Sun Tribe is a utility-scale solar and energy storage developer focused on development in the Mid-Atlantic and Southeast regions. Their track record includes the establishment of a 4 GW project pipeline and monetizing over 20 projects which represent 800+ MW across four states since inception. Counterparties to Sun Tribe PPAs and owners of Sun Tribe-developed projects include Dominion Energy (NYSE: DOM), Duke Energy (NYSE: DUK), Con Edison Utilities (NYSE: ED), PPL Utilities (NYSE: PPL), RWE Clean Energy (DAX: RWE), and more, placing Sun Tribe in the company of some of the nation’s most sophisticated power buyers and owner-operators.

About TerraForm Power
TerraForm Power, a controlled affiliate of Brookfield Asset Management, is a leading owner, operator, and producer of renewable energy in North America. The company’s portfolio contains 3,400 MW of utility-scale wind, solar, and battery storage facilities with operations in 23 U.S. states and Ontario, Canada. TerraForm Power’s high-quality diversified assets generate significant organic cash flow, and support repowering, co-location, and hybridization opportunities within its broad existing footprint, as well as greenfield development. The company has a high-quality, approximately 6,000 MW renewable development pipeline and is well positioned to meet surging electricity demand.

About Brookfield Asset Management
Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management. Brookfield operates Brookfield Renewable Partners (NYSE: BEP, TSX: BEP), one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Their renewable power portfolio consists of hydroelectric, wind, utility-scale solar, and storage facilities and their sustainable solutions assets include their investment in a leading global nuclear services business and a portfolio of investments in carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and eFuels manufacturing capacity, among others.

On May 15, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed on three facilities totaling $1.3 billion of Senior Secured Credit Facilities (the Facilities) for Doral Renewables’ Mammoth South and Central projects (Portfolio).

The Facilities comprise a $412 million Construction-to-Term Loan, $624 million in Tax Equity and Tax Credit Bridge Loans, and $259 million in Letters of Credit. This transaction will help fund construction of the 1.1 GW Portfolio and serves as the takeout to the KBCM-led bridge financing that closed in August 2024. KBCM acted as Coordinating Lead Arranger, Sole Bookrunner, Administrative Agent, Collateral Agent, and Depositary Agent.

The project is in Pulaski County, Indiana, and along with its sister project, Mammoth North, will form the largest standalone solar portfolio in the U.S. The project includes three utility-scale solar projects: Mammoth South, Mammoth Central I, and Mammoth Central II, totaling 1,128 MWdc. All three have long-term investment grade rated power purchase agreements and are expected to be operational by December 2026. Once operational, the Mammoth Solar portfolio will have a capacity of 1.3 GW and power approximately 275,000 households annually.

This represents the third transaction between Doral Renewables and KBCM.

Doral Renewables Overview
Headquartered in Philadelphia, Pennsylvania, Doral Renewables is a developer, owner, and operator of utility-scale solar, co-located solar and storage, and standalone storage projects across North America. The Company’s solar and storage development portfolio totals over 18 GW, including 400 MW in operation and 950 MW under construction. The Company operates in 22 states across seven electricity markets and has over $2.5 billion in long-term wholesale power purchase agreements with U.S. customers.

Doral Renewables has global leadership and investments from the Doral Group (TASE: DORL.TA), Migdal Group, and Clean Air Generation, with further financial backing from Apollo Global Management (NYSE: APO), a leading global asset manager. In June 2024, Doral Renewables announced a $400 million minority equity investment on behalf of the largest Dutch pension fund, APG, which looks after the pensions of 4.6 million participants and manages approximately €544 billion in pension assets.

KeyBanc Capital Markets served as Joint Lead Arranger on the successful close of $770 million Senior Secured Credit Facilities in relation to a hospital real estate portfolio recapitalization. 

A joint venture between Medical Properties Trust and Blue Owl Real Estate recapitalized its Utah hospital portfolio — a five-asset, 692-bed hospital portfolio located in Utah. The hospitals are leased by Catholic Health Initiatives (CHI), a subsidiary of CommonSpirit Health and a member of its obligated group under the Master Trust Indenture governing its bonds. The triple net master lease terms include annual rental increases with the backing of CommonSpirit’s obligated group. The portfolio is situated in a high-value healthcare market and is expected to see continued growth.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Welsh, Carson, Anderson & Stowe in its strategic growth investment in Constitution Surgery Alliance.

Cain Brothers was engaged as buy-side advisor to assist with transaction and process dynamics, M&A landscaping, and related industry research based on our strong knowledge of CSA as well as deep experience in the ambulatory surgery and health system sectors.

CSA is a leading independent developer and operator of outpatient surgery centers in partnership with health systems and surgeons. Its surgery centers complete more than 100,000 cases each year and have won the prestigious LeapFrog “Top ASC” award nine times. For more information about Constitution Surgery Alliance or its award-winning ASCs, please visit www.CSAsurgery.com.

WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm’s strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives, and strategic acquisitions. The firm has raised and managed funds totaling over $33 billion of committed capital. For more information, please visit www.wcas.com. 

KeyBank Community Development Lending and Investment (CDLI) provided a $58 million construction loan to finance the new construction of an affordable multifamily housing property in Palmdale, California, within Los Angeles County.

Maison’s Village II will include 66 single family lots totaling 191 units. There will be 64 one-bedroom units, 46 two-bedroom units, 57 three-bedroom units, and 22 four-bedroom units available to families earning at or below 30%, 50%, 60%, and 70% of area median income (AMI). Each site will include a garage, with additional on-street parking, and amenities such as a pool, recreation building, and an on-site management office. The project is nearly identical to Maison’s Village I, an adjacent housing development, which KeyBank provided construction financing for in 2022.

The sponsor and developer, Ravello Holdings, is a Southern California-based real estate development firm with decades of experience in affordable multifamily projects. Maison’s Village II received additional funding in the form of a $30 million permanent loan and $1.6 million soft financing from the California Housing Finance Agency (CalHFA) and $36.8 million in low-income housing tax credit equity (LIHTC) from WNC & Associates.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to the County of Santa Clara in the acquisition of Regional Medical Center from HCA Healthcare (NYSE: HCA).

On April 1, 2025, Santa Clara County completed the acquisition of Regional Medical Center from HCA Healthcare, integrating RMC into the County of Santa Clara Health System. The acquisition strengthens its commitment to the health and well-being of all communities in Santa Clara County.

Regional Medical Center is a premier healthcare facility known for providing comprehensive medical services, including emergency care, specialized treatments, and advanced surgical procedures. With this acquisition, RMC will expand important clinical programs and services, including trauma, stroke, obstetrics, and advanced cardiac services to patients living in East San Jose.

Santa Clara operates one of California’s most robust public healthcare systems, dedicated to serving the diverse needs of its communities. With a longstanding commitment to accessible healthcare for all residents, the county oversees the Santa Clara Health System, which includes hospitals, clinics, and specialty care services.

HCA Healthcare, a Fortune 500 company, is one of the nation’s leading healthcare providers, operating a vast network of hospitals and medical facilities across the United States.

The transaction includes a $8,137,500 ($59,835/unit) non-recourse, first mortgage loan secured by a Class B, 136-unit garden style apartment community, known as Parkwyn Townhomes, located in North Richland Hills, Texas. Built in 1984, the property comprises eight two-story residential buildings and one clubhouse, situated on 4.82 acres. Parkwyn Townhomes is currently operating as a traditional market-rate apartment building. Upon loan closing, the property will enter the Pecos County Housing Finance Corporation (HFC) ownership structure where the title will be transferred to the HFC and the property will be ground-leased to the borrower. The borrower will become the leasehold estate owner which will qualify for a 100% real estate tax exemption, so long as 90% of units are set aside for occupancy by residents with annual incomes of 140% of the Area Median Income (AMI), including 50% of the units by residents with annual incomes of 80% of the AMI. The loan, co-originated by KeyBank and Argentic on a 35/65 split and structured with a 5-year interest only term, will be used to refinance the existing debt on the property.

In April 2025, KeyBank successfully closed Senior Secured Credit Facilities for Mindgruve. Proceeds from the facilities will be used to fund the acquisition of Levelwing, a nationally recognized performance marketing and data technology company, refinance existing debt, and cover transaction costs. KeyBank acted as Sole Lender on the transaction.

Founded in 2001 and headquartered in San Diego, California, Mindgruve is a modern media, commerce, and data technology company. The agency rapidly expanded through strategic mergers with Macarta, Icon Commerce, and most recently, Levelwing. With over 400 employees across eight offices in the U.S., Latin America, and Europe, Mindgruve delivers full-funnel modern media, commerce, and predictive marketing solutions to global brands.

On April 24, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed $184 million of Senior Secured Credit Facilities for Clearway Energy Group’s (CEG) Tuolumne utility-scale wind project in Klickitat County, Washington. The facilities are comprised of $162 million in Term Loan, $14 million Debt Service Reserve LC, $7 million in PPA LC, and $1 million in BSA LC. Proceeds will fund the project’s operations post-acquisition. KBCM acted as Joint Lead Arranger, Administrative Agent, and Collateral Agent. 

Tuolumne is a 137 MW utility-scale wind project in the WECC – PNW power market, previously owned and operated by Turlock Irrigation District. Clearway has acquired Tuolumne, and the project will continue to generate revenue via a 15-year power purchase agreement with its original owner, Turlock Irrigation District. 

This represents the twentieth transaction between CEG and KBCM.

About Clearway Energy Group:
CEG was founded in 2012 and is headquartered in Princeton, New Jersey. It is a full-scope Development & Operations platform with over 11.8 GW of wind, solar, and energy storage assets in operation. In 2022, TotalEnergies acquired 50% of CEG from Global Infrastructure Partners. As of April 2025, CEG has an extensive pipeline of 30 GW of solar, wind and storage projects in both regulated and deregulated regions. The company is also committed to grid reliability with over 10 GW of paired and standalone storage in development. CEG’s management team has over 1,000 employees with operating solar and wind projects in 35 states.