Private Export Funding Corporation

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.

The transaction includes a $62,541,000 ($64,343/unit) non-recourse, first mortgage loan secured by a 972-unit hi-rise affordable apartment community known as Lafayette Boynton Apartments located in Bronx, NY. Built in 1969 and renovated in 2010, the Property consists of four, 19-story residential buildings, situated on 15.75 acres of land. The proposed loan will be used for acquisition. The loan is structured with a 10-year interest only term.

The transaction includes a $74,630,000 ($118,838/unit) non-recourse, first mortgage loan secured by a 628-unit garden style apartment complex known as Lakes at 8201 located in Merrillville, IN. Built in between 1992 to 1993, the Property consist of 628, 1- 2- and 3-bedroom units in 20 residential buildings. Additional buildings include an office/clubhouse, and 13 garages (245 garage spaces), situated on a 36.66-acre land. The proposed loan will be used for acquisition. The loan is structured with a 7-year term, and subsequent to a 4-year interest only period, amortizes on a 30-year schedule.

KeyBank Community Development Lending and Investment (CDLI) provided $46.4 million for the construction of new permanent supportive housing in Los Angeles, California, which has the nation’s largest homeless population. The sponsor of the project is The Prime Company, a giving focused, vertically integrated multi-family development firm that designs, builds, and manages urban properties across the nation.

KeyBank CDLI provided $19.7 million in federal and state LIHTC equity, a $21.4 million construction loan, and a $5.3 million permanent loan to finance the new construction of 2111 Firestone, a six-story complex of one- and two-bedroom apartments designed to serve families and individuals exiting homelessness.

Of the 85 units, 42 units will be set aside for individuals exiting homelessness and earning no more than 30% of the Area Median Income (AMI). Forty-one units will be restricted to households earning no more than 50% of AMI. There will be two manager units.

The Prime Company, Domus Development, and Kingdom Development will build the 85-unit complex at 2111 Firestone Blvd. in unincorporated Florence-Graham, north of Watts. KeyBanc Capital Markets Group (KBCM) also sold $20.7 million of tax-exempt bonds through a public offering, the proceeds of which will be used to support financing of the project.

Supportive services will be available to all residents to help them stabilize and enhance their overall well-being. These services include intensive case management, mental health services, addiction/recovery services, employment and/or benefits advocacy, and assistance in strengthening independent living skills and building a more comprehensive natural social support system.

The lead service provider, Housing Works (HW), will offer intensive case management using a housing first, trauma-informed approach to all tenants in the building.

KeyBank Community Development Lending and Investment (CDLI) provided $9.9 million in low-income housing tax credit (LIHTC) equity to finance the conversion of the Margaret Wagner Senior Apartments in Cleveland Heights, Ohio to 80 low-income housing senior units (62+). This development will create 20 new apartments through the adaptive re-use of the first floor of Margaret Wagner House and preserve 60 apartments on the upper floors.

Built in 1960 as a nursing home by the Benjamin Rose Institute on Aging, the facility offers HUD 202 PRAC subsidy for 100% of its units. In addition to creating 20 new one-bedroom units, the project will renovate existing units with updated kitchens and bathrooms, improved accessibility, central air conditioning, elevator modernization, new roofing, and site improvements.

The project’s total cost is $18.7 million. Other financing sources include a HUD 202 Capital Advance, Cuyahoga County HOME and Affordable Housing Gap funding, Affordable Housing Program Grant funding through Federal Home Loan Bank of Boston, and seller financing.

The project is being co-developed by CHN Housing Partners (CHN) and Benjamin Rose, both organizations are headquartered in Cleveland, Ohio. Margaret Wagner Senior Apartments will provide much-needed senior affordable housing in a market where demand far outstrips supply.

For more than a century, Benjamin Rose has been providing care for Cuyahoga County’s senior population, and, in partnership with CHN, it will continue to manage the property and provide supportive services to its residents. A service coordinator will meet with each new tenant during orientation and offer to discuss the individual’s needs with emphasis on behavioral health, preferences for socialization activities, linkages to community-based partners, and primary health care providers when appropriate. Benjamin Rose has also coordinated with the City of Cleveland Heights Office of Aging to provide low-cost transportation for seniors within a 5-mile radius.

“Affordable housing development is never easy, but a strong development team allowed us to overcome the many challenges we faced while getting this project to the construction stage, and we are particularly grateful for KeyBank’s financial support,” said Mike Bier, Senior Project Manager for CHN Housing Partners. “The Margaret Wagner facility has a storied past in Cleveland Heights, and CHN is glad to be a part of its revitalization.”

“Since our founding in 1908, Benjamin Rose Institute on Aging has worked to ensure that older adults have a place to call home,” said Orion Bell, President and CEO, Benjamin Rose Institute on Aging. “Margaret Wagner House has been part of that legacy since 1960 and we are excited to see the property evolve to meet the changing needs of the people we serve and the neighborhoods in which they choose to live. We are grateful for KeyBank’s investment in this project and the community.”

“We are thrilled to be working with Benjamin Rose and CHN Housing Partners to provide affordable housing for our seniors,” said Derek Reed, Vice President, KeyBank CDLI. “KeyBank is committed to the communities we serve, and this investment is a key part of our efforts to build on the success of our National Community Benefits Plan.”

Derek Reed structured the tax credit equity investment and Tara Miller served as the Underwriter for the transaction.

KeyBank Community Development Lending and Investment (CDLI) provided a $4 million construction loan and $6.3 million in Low-Income Housing Tax Credit (LIHTC) equity and arranged permanent financing with a $10.1 million Freddie Mac TEL for the acquisition and rehabilitation of Salem Manor, an existing family affordable housing project that was at risk of being converted to market rate housing in Salem, Oregon.

The project sponsor, Hampstead Development Partners, Inc., is an experienced developer focused on the development, acquisition and rehabilitation, and operation of affordable properties. KeyBank previously provided the acquisition bridge loan for resyndication for Hampstead to acquire and preserve this property.   

Hampstead will immediately begin a $4 million rehabilitation of the property, which will include modernization of kitchens and bathrooms, full ADA accessibility upgrades to select units, upgrades to the buildings' electrical system to ensure tenant safety, the addition of a fitness cente,

The project offers 64 total units for families and individuals earning no more than 60% of the area median income (AMI) and is subsidized by a Section 8 Housing Assistant Payment (HAP) Contract. The 10-building property is located on the eastern side of the City of Salem in a mixed-use neighborhood with major shopping, schools, and recreational amenities located nearby.

John Paul Vachon, Matthew Haas, and Hector Zuniga of KeyBank CDLI structured the financing.

KeyBank Institutional Advisors and KeyBank Community Development Lending and Investment (CDLI) provided $30 million of financing to the Cleveland Foundation (TCF) for the construction of the 95,000-square-foot Midtown Collaboration Center (Center) located in Cleveland’s MidTown and historic Hough neighborhoods. The Center will be adjacent to TCF headquarters and aims to be both regionally significant and locally transformative.

KeyBank Institutional Advisors provided a $23.7 million loan to fund the new construction of the Center. Partners in this project include Case Western Reserve University (CWRU), University Hospitals (UH), the Cleveland Institute of Art (CIA), Hyland Software, and the Economic & Community Development Institute (ECDI), the country’s largest SBA micro lender.

KeyBank CDLI provided a $6.3 million equity investment in the New Market Tax Credits. The Center will house partners including CWRU’s new Center for Population Health Research, UH’s new Diabetes Research and Wellness Center, CIA’s new Interactive Media Lab, Hyland Software Training Center, JumpStart offices, ECDI – SBA Lending Center and Women’s Resource Center, and the Brewery/Taproom (BIPOC-owned) & community-led music venue.

The Center will bridge Cleveland’s downtown business center with its University Circle academic hub, bringing together multiple sectors and companies under one roof, to create a new model for a “both and” approach to economic activity that centers around community. The project builds upon the momentum of the adjacent Cleveland Foundation’s Headquarters project. Together, these two buildings represent the first of eight proposed structures in the planned 12-acre civic district.

“This project is part of the Cleveland Foundation’s overall mission of improving the quality of life in Cleveland neighborhoods and strengthening the fabric of our city as a whole,” said Cathy O’Malley Kearney, Head of Key Institutional Advisors. “We are proud to be a part of this important project which will provide a pathway to economic opportunity.”

“KeyBank is investing in this neighborhood with a commitment of capital for sustainable, inclusive, and equitable development,” said Ryan Olman, KeyBank CDLI. “We are pleased to partner with the Cleveland Foundation to transform and strengthen Cleveland’s neighborhoods and communities.”

“The MidTown Collaboration Center offers a new model for purpose-driven collaboration, equitable, community-centered development and partnership,” said Rosanne Potter, Cleveland Foundation Senior Vice President & Chief Financial Officer. “This project would not have been possible without KeyBank’s commitment to the Greater Cleveland community.”

On May 15, 2023, KeyBanc Capital Markets served as Co-Manager on a $300 million Senior Notes offering for National Fuel Gas Company. Proceeds will be used for general corporate purposes.

CDLI provided $60.7 million of financing for the new construction of Northfield Flats, a 129-unit project in Denver that will consist of 42 one-bedroom, 83 two-bedroom, and four three-bedroom units. All units will be available for families earning no more than 30%, 50%, 60%, 70% and 80% of the AMI. Construction financing is being arranged by KeyBank with a $28.2 million construction loan and a $14.8 million permanent loan through the Fannie Mae MTEB Program. KeyBank is also providing $17.7 million of total tax credit equity. The project received local support with a $3.1 million Housing Trust Fund (HTF) loan from the Colorado Department of Local Affairs (CDOH) and a $4.5 million loan from Denver’s Department of Housing Stability (HOST).

Northfield Flats is conveniently located within the Northfield retail complex in Central Park, Denver’s premier mixed use master planned community. The property is located directly adjacent to the Shops at Northfield, a retail, entertainment, and dining center.

“KeyBank is invested in the expansion of its community impact, and we continue to provide more capital to low-income communities throughout the country,” said Victoria O’Brien, Head of Equity Originations at KeyBank CDLI. “As we further grow our platform in the Western region and collaborate with sponsors, we’re able to offer better affordable housing options to the individuals and families we serve.”

Brinshore Development, based in Chicago, is a national developer with a focus on development throughout the United States and has a current portfolio of 9,000 residential units valued at more than $1.3 billion in 100 communities. The second sponsor, Mile High Affordable Housing, is focused on affordable housing opportunities in Colorado, and has successfully developed eight affordable housing projects with more than 700 units.

Kortney Brown, Stephen Sparks and Robbie Lynn of KeyBank Community Lending and Investment structured the financing. Sam Adams of KeyBanc Capital Markets Public Finance Group provided the bond underwriting.

CDLI provided $56.9 million of financing to fund the new construction of Ralston Gardens Apartments, a 102-unit family project in Arvada, Colorado, which will serve low-income families at 30%, 50%, 60%, and 70% of the Area Median Income (AMI). The building will contain 66 one-bedroom, 32 two-bedroom, and four three-bedroom units. Construction financing is being arranged by KeyBank with a $26.7 construction loan and a $14 million permanent loan through the Fannie Mae MTEB Program. KeyBank is also providing $16.2 million of total tax credit equity.

Ralston Garden Apartments, which is centrally located to transit hubs, shopping, parks, and local schools, received additional support and engagement from the Colorado Department of Local Affairs (CDOH), which provided a $4.3 million Housing Development Grant (HDG) loan.

“KeyBank is invested in the expansion of its community impact, and we continue to provide more capital to low-income communities throughout the country,” said Victoria O’Brien, Head of Equity Originations at KeyBank CDLI. “As we further grow our platform in the Western region and collaborate with sponsors, we’re able to offer better affordable housing options to the individuals and families we serve.”

Brinshore Development, based in Chicago, is a national developer with a focus on development throughout the United States and has a current portfolio of 9,000 residential units valued at more than $1.3 billion in 100 communities. The second sponsor, Mile High Affordable Housing, is focused on affordable housing opportunities in Colorado, and has successfully developed eight affordable housing projects with more than 700 units.

Kortney Brown, Stephen Sparks and Robbie Lynn of KeyBank Community Lending and Investment structured the financing. Sam Adams of KeyBanc Capital Markets Public Finance Group provided the bond underwriting.

KeyBank has financed a $4.6 million first mortgage, Fannie Mae loan for the acquisition of Briarwood Apartments (the Property) in Ocala, FL. Built in 1973 and renovated in 2021, the 55-unit garden style apartments consist of five, two-story residential buildings, situated on a 2.22 acres of land. The loan is structured with a 10-year term carrying a 10-year interest only period.

The Sponsor, RJC Legacy Investments, has allocated substantial resources to renovate and update the Property through a concerted capital improvements program. The anticipated renovations will modernize the Property’s mechanical operations and aesthetic, driving expected rent growth across the Property, while improving tenant satisfaction.

Briarwood Apartments, located in Ocala, Florida, is directly adjacent to the city’s central business district (CBD), as well as Historic Downtown Ocala. Ocala, a popular destination for both tourists and local residents, supports a range of restaurants, boutique retail offerings, and commercial developments. The 55-unit property offers a wide range of apartment mixes featuring one, two, and three bedrooms with up to two bathrooms.

On May 1, 2023, KeyBanc Capital Markets served as Joint Lead Arranger and Joint Bookrunner on a $1.5 billion Senior Secured Revolving Credit Facility for Gulfport Energy Corporation. Proceeds will be used for general corporate purposes.

The transaction includes a $28,426,000 ($201,603/unit) non-recourse, first mortgage loan secured by 141-unit garden style apartments known as Lucia Apartments located in Pico Rivera, CA. Built in 1971 and renovated in 2021, the property consists of 4, three-story residential buildings and 1 single-story clubhouse, situated on a 3.77-acre land. The proposed loan will be used for refinancing the existing debt. The loan is structured with a 5-year term, and subsequent to a 3-year interest only period, amortizes on a 35-year schedule.

The transaction includes a $2,333,000 ($98 PSF) non-recourse, first mortgage secured by a 23,925 square foot, 401-unit self-storage facility known as Mini U Storage – Landmark located in Alexandria, VA. The Property was built in 1977. The Property consists of (4), two-story buildings and a leasing office/manager's apartment situated on a 0.69-acre land. The proposed loan will be used for refinancing the existing debt. The loan is structured with a 10-year, interest only, term.

KeyBank Community Development Lending and Investment provided financing for the acquisition of Park Square II, an existing 200-apartment affordable housing community in Rochester, NY. This community will serve low- to medium-income families at 50% to 80% of AMI (Area Median Income). We want to thank Conifer Realty for their sponsorship and shared mission to preserve much-needed affordable housing across the country.

The financing included a Bridge to Resyndication Loan of $13.23MM.

KeyBank Community Development Lending & Investment provided financing for the tax credit resyndication of Hampton Point, a 284-unit, family affordable project in Punta Gorda, FL. All 284 units are set aside for individuals and families earning no more than 35%-60% of the Area Median Income (AMI), including seniors.

The garden-style community project houses 16 two- and three-story buildings, on extensive grounds of 48 acres. Planned rehabilitation includes the purchase and installation of solar panels which will greatly reduce the property’s electricity use. The tenant-in-place rehab will also provide updated buildings and interior units with competitive amenities including on-site management, a community room, playground, volleyball courts, fitness center, business center, and swimming pool.

We want to thank Lincoln Avenue Capital for their sponsorship and shared mission to preserve much-needed affordable housing in Punta Gorda, FL.

The financing included a $27.3MM HUD 223(f) Loan and $4.5MM HUD 241(a) Loan, $23.1MM of 4% federal low-income tax credit equity and solar tax credit equity, and a $15MM Equity Bridge Loan.

KeyBank Community Development Lending and Investment (CDLI) announced that it is providing $67 million for the acquisition and rehabilitation of the Grace Peck Terrace Apartments in Portland, Oregon.

The senior housing community is being acquired by Home Forward, a public corporation that is the largest provider of affordable housing in the state, with its housing and programs serving approximately 15,500 households.

KeyBank’s CDLI group arranged a $27.2 million construction loan, a $21.3 million private-placement permanent loan, and low-income housing tax credit equity of $18.7 million. The project also received local support and engagement through the Oregon state housing tax credit and Section 8 project-based rental assistance.

Grace Peck Terrace consists of 95 one-bedroom units for individuals 62 and older or disabled persons earning no more than 60% of the area median income. The project will include a resident coordinator who will provide tenants with supportive services, including health and wellness check-ins and housing stability support, which will entail financial education, conflict resolution, social capital development, needs assessments, and surveys to determine resident requirements.

Through community partnerships, residents will also have access to on- and off-site services, such as emergency food assistance, nutrition and health education, home care services, case management, health services, nursing programs, and social isolation reduction services.

KeyBank Community Development Lending & Investment provided financing for the rehab and preservation of Ellicott Town Center, an existing 281-unit affordable housing project in Buffalo, NY. This project will serve low-income families and seniors at up to 50%, 60%, and 90% of AMI (Area Median Income). We want to thank Beacon Communities Development LLC for their sponsorship and shared mission to preserve much-needed affordable housing in Buffalo, NY.

Financing included a $36MM Direct Pay Letter of Credit.

On April 28, 2023, KeyBanc Capital Markets (KBCM) successfully closed the syndication of an undisclosed amount of Senior Secured Credit Facilities (Credit Facilities), consisting of an Incremental Revolving Credit Facility, a Non-fungible Incremental Term Loan, and a Delayed Draw Term Loan for ImageFirst Healthcare Laundry Specialists, LLC (ImageFirst or the Company), a portfolio company of Calera Capital (Calera). Proceeds from the Credit Facilities will be used to partially refinance the Company’s existing indebtedness, finance two add-on acquisitions under LOI, and add cash to the balance sheet. KBCM served as Joint Lead Arranger and Joint Bookrunner on the transaction.

ImageFirst is a leading provider of outsourced laundry and textile rental services with a focus on outpatient and specialty healthcare in the U.S., with 54 locations across 26 states serving over 10,000 customers. The Company typically services its customers on a weekly basis, providing a mission critical offering as customers typically cannot generate revenue without clean linens and other laundry products.

Founded in 1991, Calera Capital is a private equity-investment firm based in San Francisco, California, and Boston, Massachusetts, that has invested over $4 billion of equity into leading middle market companies. Calera invests in market leading businesses with strong fundamentals and where there are opportunities to build value through the implementation of operating and strategic business initiatives. Calera has significant experience and a successful track record of investment in commercial services, healthcare services, and other businesses with similar attributes to ImageFirst.

On April 27, 2023, KeyBanc Capital Markets served as Administrative Agent, Coordinating Lead Arranger, and Sole Bookrunner on a $1.5 billion Senior Secured Revolving Credit Facility for Diversified Energy Company PLC. Proceeds will be used for general corporate purposes.

On April 26, 2023, Private Export Funding Corporation (PEFCO or the Company) issued $300 million of Senior Secured Notes due 2027 (the Notes) at a spread of +43 bps for a coupon of 3.900%. The Notes drew significant interest from a wide investor base with a couple of strong anchor orders, garnering a total orderbook of approximately $1.0 billion, good for a 3.5x oversubscription. The Company plans to use the net proceeds from the offering to fund outstanding loan commitments. KeyBanc Capital Markets acted as Active Joint Bookrunner on the transaction.

PEFCO is principally engaged in making U.S. Dollar loans to foreign importers to finance purchases of U.S. goods and services. The Company was established by a group of U.S. financial institutions with the support of the U.S. Treasury, the Federal Reserve and the Export Import Bank of the United States (Ex-Im Bank) to assist in the financing of U.S. exports through the mobilization of private capital as a supplement to the financing already available through Ex-Im Bank.