Public/Private Partnerships

On November 17, 2022, KeyBanc Capital Markets (KBCM) successfully closed $3 billion of Senior Secured Credit Facilities in relation to the John F. Kennedy Airport Terminal 6 Redevelopment. On March 24, 2018, the Terminal 6 Consortium of Vantage Airport Group, RXR Realty LLC, JetBlue Airways and American Triple I Partners was designated by the Port Authority of New York & New Jersey as the preferred developer to redevelop the new terminal. Terminal 6 is a $4.2 billion construction project for a period of 30-year lease agreement. KBCM served as Coordinating Lead Arranger and Swap Provider on the transaction.

On August 9, 2022, KeyBanc Capital Markets (KBCM) successfully closed $2 billion of Senior Secured Credit Facilities in relation to a Student Housing Portfolio Acquisition. In early 2022, Blackstone Real Estate announced an acquisition of American Campus Communities (ACC), a publicly traded REIT. ACC holds a portfolio of over 27,000 beds on university campuses and $3.7B of equity value across 18 universities and spread over 34 distinct assets. KBCM served as Coordinating Lead Arranger on the transaction.

The Project was named North America Social Infrastructure Deal of the Year by Proximo, for 2022.

On July 7, 2022, KeyBanc Capital Markets (KBCM) successfully closed $200.2 million of Senior Secured Credit Facilities (Credit Facilities) for Axium Infrastructure’s development of the University of Massachusetts Amherst (UMass Amherst) Student Housing Expansion. Proceeds from the Credit Facilities are being used to design, build, finance, operate, and maintain the student housing facilities which consist of 623 beds of undergraduate apartment style housing and related infrastructure, and 201 beds of graduate student apartment style housing and related infrastructure. KBCM served as Joint Lead Arranger and Swap Provider on the transaction.

On July 7, 2022, KeyBanc Capital Markets (KBCM) successfully closed $4.9 billion of Senior Secured Credit Facilities in relation to the John F. Kennedy Airport New Terminal One Development and Expansion. On October 4, 2018, the New Terminal One Consortium of Ferrovial, The Carlyle Group, JLC Infrastructure, and Ullico was designated by the Port Authority of New York & New Jersey as the preferred developer to redevelop the 100% international passenger terminal, The New Terminal One, pursuant to a 30-year lease, on the area historically occupied by Terminals 1, 2 and 3. This is an $8.3 billion construction project. KBCM served as Senior Managing Agent on the transaction.

On October 7, 2021, KeyBanc Capital Markets (KBCM) successfully closed $68.67 million in Tax-Exempt Parking System Revenue Bonds, Series 2021 (the Bonds) for ParkUToledo, an SPE formed by the Toledo-Lucas County Port Authority. The Bonds are being issued for the purpose of providing funds (i) for acquiring, constructing, furnishing, equipping, maintaining and improving real and personal property, or any combination thereof, comprising the Parking System; (ii) to finance additional costs to improve the Project and the Parking System; (iii) to fund the Debt Service Reserve Fund for the Series 2021 Bonds; (iv) to fund capitalized interest on the Series 2021 Bonds; and (v) to fund the costs of issuing the Series 2021 Bonds. KBCM served as Sole Manager on the transaction.

On July 23, 2021, KeyBanc Capital Markets (“KBCM”) closed $225 million of Senior Secured Credit Facilities for Applegreen and Blackstone’s acquisition of a portfolio of on-highway service plazas (the “Project”) from HMSHost. The acquisition was financed through a combination of the credit facility and equity provided by Applegreen and Blackstone Infrastructure Partners. KBCM served as Joint Lead Arranger, Joint Lead Bookrunner, Administrative Agent and Hedge Provider.

The Project is the largest portfolio of privately operated on-highway service plazas in the US, consisting of 64 service plazas located across 14 highways within nine states (NJ, DE, PA, ME, OH, IN, WV, IL, MA).

On July 1, 2021, KeyBanc Capital Markets (“KBCM”) successfully closed a $205 million Revolving Credit Facility with a project company owned by ENGIE in relation to the Georgetown University (“Georgetown” or the “University”) Utility Concession Project (the “Project”). KBCM served as Joint Arranger and Joint Bookrunner on the Revolving Credit Facility and KeyBank National Association serves as Administrative Agent, Collateral Agent, Depositary Agent, and Hedge Provider.

The University granted a concession of its central utility plant to Georgetown Energy Partners, a special purpose entity wholly owned by ENGIE. Georgetown pursued the Project as part of its commitment to combating climate change and reducing their carbon footprint.

On May 27, 2021, KeyBanc Capital Markets (“KBCM”), along with ING Financial Markets LLC, successfully closed a ~$138.5 million Amortizing Senior Secured Notes private placement transaction for Project Service LLC (the “Company”), an entity wholly owned by IST3, Applegreen, and TDAM. KBCM served as Joint Lead Arranger and Placement Agent.

The Company will use the proceeds to refinance existing bank debt and secure long-term financing for the operation and maintenance of the Connecticut Service Plazas P3 Project – a public-private partnership with the State of Connecticut – as well as to pay transaction costs.

On February 26, 2021, KeyBanc Capital Markets (KBCM) successfully closed a $122 million Senior Secured Note private placement transaction (the Notes) for the benefit of the special purpose vehicle Bulldog Infrastructure Group, the preferred bidder for the California State University, Fresno Central Utility Plant replacement project (the Project). The proceeds were used to finance the design, construction, and renovation of the central utility plant being delivered through a public-private partnership. The Notes are certified as “Green” and are structured with an innovative mechanism directly linked to the Project’s objective of reducing utility system energy consumption by over 30%. KBCM served as Sole Placement Agent on the transaction.

The Project was named Social Infrastructure Deal of the Year by IJ Global, as well as Utilities Project of the Year by P3Bulletin, for 2021.

On February 26, 2021, KeyBanc Capital Markets (“KBCM”) successfully closed a $122 million Senior Secured Note private placement transaction (the “Notes”) for the benefit of the special purpose vehicle Bulldog Infrastructure Group (the “Borrower”), an entity wholly owned by Meridiam. The Borrower will use the proceeds to finance the design, construction, and renovation of the central utility plant (the “Project”) at California State University, Fresno being delivered through a public-private partnership.

The Notes are certified as “Green” and are structured with an innovative mechanism directly linked to the Project’s objective of reducing utility system energy consumption by over 30%.

On July 1, 2020, KeyBanc Capital Markets (“KBCM”) successfully closed a $41 million Construction Loan Facility in relation to the City of San Marcos Public Services Complex P3 Project. KBCM served as Sole Arranger, Hedge Provider, Administrative Agent, Collateral Agent, and Depositary Agent on the transaction.

On March 20, 2020, KeyBanc Capital Markets successfully closed the $125 Million 5-Year Senior Secured Multiple-Draw Term Loan Facilities for the benefit of the special purpose vehicles West End Ventures, LLC and FC Cincinnati Holdings, LLC. The Borrowers intend to use the proceeds of the facilities to finance the design and construction of the Club’s West End Stadium, finance the construction of a new training facility, and pay the MLS expansion fee.