Non-Profit Banking Solutions

On August 22, 2023, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $130 million Senior Secured Credit Facilities for Michael Baker International, LLC ("Michael Baker" or the "Company"), a portfolio company of DC Capital Partners (DC Capital). The facilities are comprised of a $20 million Incremental ABL Revolving Credit Facility and a $110 million Incremental First Lien Term Loan.

KBCM served as Joint Lead Arranger and Joint Bookrunner on the transaction. Proceeds were utilized to finance the acquisition of Tidal Basin, LLC (Tidal Basin), fund working capital, and to pay transaction-related fees and expenses.

Headquartered in Pittsburgh, PA, Michael Baker is a leading provider of engineering and consulting services and has been solving some of the world’s most complex infrastructure challenges for 80+ years with a legacy of expertise, experience, innovation and integrity. The Company’s services include design, planning, architectural, environmental, and program management. Michael Baker’s clients include U.S. federal, state, and municipal governments, as well as large corporations.

Tidal Basin is a leading emergency and disaster management consulting firm providing comprehensive solutions to public and private sector clients to prepare for, respond to, recover from, and mitigate threats from natural or human-made disasters.

Founded in 2007, DC Capital Partners is a middle-market private equity firm with offices located in Alexandria, VA and West Palm, FL. DC Capital makes control equity investments in middle-market companies that provide differentiated and innovative services and solutions in the government and engineering markets.

On August 22, 2023, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $130 million Senior Secured Credit Facilities for Michael Baker International, LLC ("Michael Baker" or the "Company"), a portfolio company of DC Capital Partners (DC Capital). The facilities are comprised of a $20 million Incremental ABL Revolving Credit Facility and a $110 million Incremental First Lien Term Loan.

KBCM served as Joint Lead Arranger and Joint Bookrunner on the transaction. Proceeds were utilized to finance the acquisition of Tidal Basin, LLC (Tidal Basin), fund working capital, and to pay transaction-related fees and expenses.

Headquartered in Pittsburgh, PA, Michael Baker is a leading provider of engineering and consulting services and has been solving some of the world’s most complex infrastructure challenges for 80+ years with a legacy of expertise, experience, innovation and integrity. The Company’s services include design, planning, architectural, environmental, and program management. Michael Baker’s clients include U.S. federal, state, and municipal governments, as well as large corporations.

Tidal Basin is a leading emergency and disaster management consulting firm providing comprehensive solutions to public and private sector clients to prepare for, respond to, recover from, and mitigate threats from natural or human-made disasters.

Founded in 2007, DC Capital Partners is a middle-market private equity firm with offices located in Alexandria, VA and West Palm, FL. DC Capital makes control equity investments in middle-market companies that provide differentiated and innovative services and solutions in the government and engineering markets.

On August 15, 2023, KeyBanc Capital Markets® (KBCM) successfully advised the shareholders of East Manufacturing Corporation on the sale of their interests in the operating business and its affiliated real estate company (collectively “East” or the “Company”) to Fruehauf North America, S.A. de C.V. (Fruehauf), a subsidiary of Fultra, S.A.P.I. de C.V. (Fultra).

KBCM was selected to serve as East’s Exclusive Sell-Side Advisor based on its proven M&A execution capabilities and unique insight into the specialty trailer and related transportation markets.

East is a leading manufacturer of premium, heavy-duty aluminum trailers used across diverse industrial and other trade applications. Regarded by many as the leading brand in the domestic market, the Company maintains a comprehensive portfolio of customizable flatbed, dump and refuse trailers primarily sold through a network of more than 90 dealer locations in the U.S. and Canada. East operates a 460,000-square-foot manufacturing facility located on over 100 acres in Randolph, Ohio.

Founded in 2012, Fultra operates a portfolio of transportation-focused companies in the U.S. and Mexico comprised of four business units: Fruehauf, Amparts, Sierra Norte, and Idealease. Fruehauf, Fultra’s trailer manufacturing division, is one of Mexico’s leading producers of dry van and specialty trailers. Fruehauf reentered the U.S. market in 2022 after a 25-year hiatus, opening its new American production facility in Bowling Green, Kentucky. Fultra is headquartered in Guadalupe, Mexico, with more than 2,000 employees across its business units.

Cain Brothers, a division of KeyBanc Capital Markets, served as the exclusive financial advisor to Clario in connection with the sale of its Software Solutions business to Sitero.

Cain Brothers was engaged to serve as Clario’s financial advisor based on its deep experience across the pharma services continuum, ability to navigate complex transactions and carveouts, and long-standing relationships with the relevant strategic buyers in the space.

Clario is a healthcare research technology company that delivers leading endpoint technology solutions for clinical trials. Clario’s technology platform combines its eCOA, Cardiac Safety, Respiratory and Medical Imaging business lines. Clario’s global team of science, technology and operational experts have helped deliver more than 27,000 trials and contributed to over 500 FDA and EMEA new drug approvals involving more than seven million participants in over 100 countries.

Software Solutions, a Clario business, provides an end-to-end solution to support the clinical trial lifecycle. Software’s eClinical product suite offerings include Clinical Trial Management Systems, Electronic Data Capture, Randomization and Trial Supply Management / Interactive Response Technology, Patient and Site Payments, and eConsent.

Sitero is a next-generation, site-focused CRO that helps the life science industry get treatments to market safer and faster through tech-forward services that streamline research. Sitero’s clinical, drug safety, biosafety, and ethical review services drive compliance and innovation for more than 100 customers worldwide. Sitero partners with clinical trial sponsors across therapeutic areas and from early-phase studies through late-phase and post-market research. Sitero combines the expertise of a tenured team with a nimble, innovative approach to clinical research. Sitero has offices in the U.S., U.K., and India.

On July 11, 2023, the Housing Authority of the City and County of Denver, Colorado (DHA or the Authority) closed its Series 2023A and B Multifamily Housing Revenue Bonds, issued to finance its Flo Senior Apartments project. DHA issued taxable and tax-exempt bonds under a single integrated debt financing product, backed by its general revenues, in the capital markets for its 212-unit apartment building for seniors and non-elderly disabled residents. KeyBanc Capital Markets served as Sole Manager on the transaction.

DHA is a quasi-municipal corporation with a portfolio of over 13,000 units and housing choice vouchers, providing affordable housing to more than 27,000 very low, low, and middle-income individuals. DHA's mission is to serve the residents of Denver by developing, owning, and operating safe, decent, and affordable housing in a manner that promotes thriving communities. DHA has been creating vibrant communities and sustainable neighborhoods since 1938.

The Denver Housing Authority remarked on the transaction, noting ‘Key did an excellent job in underwriting and marketing the Multifamily Housing Revenue Bonds for the Housing Authority's Flo project which generated over $7 million in economic benefit to the project over a private placement financing option.’ To learn more, visit the DHA website at denverhousing.org.

The rehabilitation of the Commodore Apartments was recently honored by the Advisory Council on Historic Preservation (ACHP) and the U.S. Department of Housing and Urban Development (HUD) with the 2023 ACHP/HUD Secretary’s Award for Excellence in Historic Preservation.

This annual award recognizes a single project that has successfully advanced the goals of historic preservation, while at the same time providing affordable housing for low- and moderate-income families and individuals.

In 2018, KeyBank Community Development Lending and Investment (CDLI) provided a total of $39.4 million in financing for the redevelopment and preservation of Commodore Place Apartments in Cleveland, OH. Specifically, KeyBank provided a $16.6 million LIHTC equity investment, an $11.6 million construction loan and an $11.1 million non-recourse, FHA 221(d)(4) first mortgage loan.

The 12-story, high-rise building was originally constructed in 1924 as a hotel and later converted into apartments in 1964, with renovations in 2008 and 2010. The 198-unit multifamily apartment complex features 23 studio, 142 one-bedroom and 33 two-bedroom units. A project-based Section 8 HAP contract provides rental assistance to 144 units for tenants earning between 30% and 60% AMI.

“Our partnership with The Community Builders, Inc. and University Circle demonstrates our commitment to creating and preserving affordable housing where we live and work,” said Rob Likes, president of KeyBank’s CDLI team.

“This redevelopment preserves and improves nearly 200 quality apartments for families of all incomes at the heart of University Circle. The Community Builders is thrilled to work with KeyBank and our local partners to preserve and enhance the historic Commodore Apartments and provide connections to opportunities in this thriving neighborhood,” said Terri Hamilton Brown, regional vice president of development, The Community Builders Midwest.

“The historic Commodore building is an important part of University Circle’s past, present, and future. University Circle Inc. is pleased to see The Community Builders Inc. and KeyBank Community Development Lending and Investment make a significant investment to preserve and enhance the building for the residents and retailers and add to the spectrum of housing choices that ensure University Circle remains an economically integrated and vibrant community,” said Chris Ronayne, president of University Circle Inc.

The building will be substantially rehabilitated, including replacement of the roof, elevator modernization, new fire alarm system installation, replacement of domestic water supply and waste plumbing, accessibility upgrades, and in-unit renovations, including upgrading the kitchens, baths, flooring and interior doors, among other items.

The financing was made possible by Ohio Housing Finance Agency, the City of Cleveland and The Community Builders.

In June 2023, KeyBanc Capital Markets (KBCM) successfully closed on $5 billion of Senior Notes for CVS Health Corporation. KBCM served as Co-Manager on the transaction.

On June 30, 2023, KeyBanc Capital Markets (KBCM) successfully advised Dealer Solutions & Design, LLC (DSD or the Company), a portfolio company of KT Capital, on its sale to Safe-Guard Products International, LLC (Safe-Guard), a portfolio company of Stone Point Capital (Stone Point). KBCM served as DSD’s Sell-Side Advisor based on its industry-leading Industrial & Business Services practice and proven M&A execution capabilities.

DSD, headquartered in Duluth, GA, is a nationwide industry leader in engineering, procurement and project management for automotive service centers. Since its inception, the Company has earned its reputation as the partner of choice based on its long-tenured relationships with highly sought-after automotive groups and “concept to completion” approach.

KT Capital is a Georgia-based private equity investment firm that has completed over 130 acquisitions. Since inception in 2006, KT Capital has partnered with talented management teams to accomplish shared growth objectives.

Headquartered in Atlanta, GA, Safe-Guard provides finance and insurance solutions for the motor vehicle industry in the U.S. and Canada. Safe-Guard supports over 12,000 motor vehicle dealers daily and administers over five million contracts annually.

Stone Point is a leading private equity firm with offices in Connecticut, New York and Florida. Stone Point has raised over $35 billion in aggregate capital commitments to invest in more than 145 companies across ten active verticals.

KeyBank has financed a $26 million first mortgage, Fannie Mae loan for the acquisition of Springhouse apartments in Louisville, KY. Built in 2016, the 224-unit garden style apartment complex consists of nine, three- and four-story residential buildings, situated on 15.245 acres of land. The loan is structured with a 10-year term, subsequent to a 7-year interest-only period, and was used for financing the acquisition.

Springhouse is Green Globes certified, and therefore eligible for Fannie Mae Multifamily Green Financing which encourages the increased environmental and health performance of buildings. The complex offers one-, two-, and three-bedroom units, with a wide range of amenities that include a clubhouse, business center, fitness center and pool. Springhouse was built on farmland. The old farmhouse that anchored the property still stands today at the center and is on the national registry of historic places.

KeyBank on Tuesday announced $21 million in financing for the Letsche School Development in Pittsburgh.

KeyBank Community Development Lending and Investment provided a $9.8 million construction loan and $11.8 million in low-income housing tax credit equity for the construction of the affordable multifamily property.

The project includes the reuse of the historic former Letsche School and new construction of four townhomes on two adjacent vacant parcels. It will create 46 mixed-income units and a community space for families and individuals earning no more than 60% of the area median income, of which 25 units will be subsidized by a Section 8 Housing Assistant Payment Contract and seven units will remain at market rate.

Amenities will include a community room, courtyard and picnic area, laundry room, playground, and elevator. An on-site resident service coordinator will develop educational, recreational, and cultural programming and ensure that residents are linked to the specific supportive services they need to continue to live independently. These services include rent assistance, mental and behavioral health, workforce training, family empowerment initiatives and education, health and wellness, youth enrichment and community building.

The project sponsor is Beacon Communities LLC, the Boston-based developer, owner, and manager of multifamily real estate properties, including affordable housing.

It received permanent financing from the Pennsylvania Housing Finance Authority and aligns with the Hill District Community Development Corp. Master Plan to revitalize existing structures and provide affordable housing within mixed-income developments in the Greater Hill District of Pittsburgh.

KeyBank Community Development Lending and Investment (CDLI) provided a $9 million construction loan and $12 million in Low-Income Housing Tax Credit (LIHTC) equity for the construction of an affordable senior housing property in Morrisville, New York.

Community View Apartments will consist of 61 units for individuals aged 55 and older and earning no more than 30%, 40%, 50% and 60% of the area median income (AMI). Of the 61 units, 20 will be covered by the Empire State Supportive Housing Initiative (ESSHI) and will target individuals who are at risk of homelessness, formerly homeless, enrolled in Medicaid, and have either a chronic condition, physical disability, or require assistance with one or more instrumental activities of daily living.

The project sponsor is Christopher Community, Inc. (“CCI”), a nonprofit developer and manager of affordable housing based in Syracuse. The project will enter into a housing services agreement with Crouse Community Center, a skilled nursing facility affiliated with Crouse Hospital, which will offer the ESSHI units with comprehensive supportive services. An on-site case manager will be provided to develop individual service plans to cater to each tenant's specific needs as well as help with housing subsidy recertifications, obtaining health insurance, SSI/SSD benefits, SNAP, and utility assistance. The case manager will also assist tenants in applying for educational programs and providing access to computers and the internet.

In addition, the property will have a medical case manager to help tenants schedule doctor’s appointments, coordinate transportation, track health conditions, and provide guidance for healthy living initiatives and social activities. The case managers will coordinate services with offsite local providers for substance abuse counseling, mental health support, vocational training, additional medical case management, legal, and educational services.

The project is in a quiet, residential setting directly adjacent to the Crouse Community campus. In addition, Crouse Community Center has begun construction of an adult daycare facility adjacent to Community View Apartments, which will operate Adult Daycare Healthcare (ADHC) programs that will allow registrants to utilize the services of Crouse Community Center’s existing Outpatient Therapy and physician services from the nearby Community Memorial Hospital’s Primary Care Physician Office.

"As we embark on the construction of Community View Apartments, we are grateful for the generous support of KeyBank. Their $21 million financing, comprising a construction loan and Low-Income Housing Tax Credit equity, reinforces our commitment to providing affordable senior housing in Morrisville, New York,” said Justin Rudgick, President & CEO of Christopher Community, Inc. “With a focus on meeting the diverse needs of our residents, including seniors at risk of homelessness, and unstably housed in our community, we are proud to collaborate with Crouse Community Center, state agencies and local service providers to offer comprehensive supportive services. Together, we are building a vibrant community where individuals aged 55 and older can thrive and access vital resources for a fulfilling life."

"Community View Apartments is a project that is representative of what we want to invest in, because it is community-based," said Kate de la Garza, senior relationship manager with KeyBank Community Development Lending. "Christopher Community’s partnership and collaboration with other agencies and providers is reflective of how we can serve the needs of our most vulnerable neighbors."

John Paul Vachon and Kate de la Garza of KeyBank CDLI structured the financing.

The transaction includes a $14,838,000 ($121,623/unit) non-recourse, first mortgage loan secured by a 122-unit conventional multifamily apartment complex known as Casa Tierra located in Albuquerque, NM. The Property consists of 2, non- contiguous parcels, situated on a 5.488-acre land. The loan is structured with a 5-year term, and subsequent to a 3-year interest only period, amortizes on a 30-year schedule.