U.S. Infrastructure & P3 Pipeline

On January 9, 2026, KeyBanc Capital Markets closed on the $69 million Senior Secured Credit Facility (the Facility) for Greystar and JLC Infrastructure. The Facility shall be used to finance the redevelopment of a 493-bed property known as Sansom Place West, which is an on-campus graduate student housing facility, and delivered under a long-term ground lease with the University of Pennsylvania (UPenn). 

The unit mix emphasizes studio apartments (403 units) – a preference identified by current Accolade residents – plus 45 two-bedroom units. The site consists of two 16-story towers located within walking distance of all 12 of UPenn’s graduate schools and transit options, including SEPTA trolleys, buses, and regional rail. SPW will operate on a 75-year ground lease, with flexibility to lease to undergraduates, students from nearby universities, or the public via a leasing waterfall.

The University of Pennsylvania is a private Ivy League research university founded in 1740 near the western portion of the City of Philadelphia, Pennsylvania. UPenn offers more than 90 undergraduate degrees and 12 master’s and doctorate schools. The university is highly selective, receives over 60,000 first-year applicants annually, and has an acceptance rate of less than 6%, reflecting its academic rigor and competitiveness.

On August 6, 2025, KeyBanc Capital Markets sold $32 million of National Finance Authority Lease Revenue Bonds (NCCD - UNR Fieldhouse Properties LLC - University of Nevada, Reno Fieldhouse Project), Series 2025, consisting of Tax-Exempt Series 2025A Bonds and Taxable Series 2025B Bonds (the Series 2025 Bonds). The Series 2025 Bonds achieved a first-time rating of “A+” with a stable outlook from S&P Global. 

The Series 2025 Bonds were issued to finance the cost of the development, design, construction and equipping of a new fieldhouse and turf fields (the Project) on the campus of the University of Nevada, Reno (UNR), in addition to issuance costs and other ongoing administrative expenses. 

The Project will be owned by NCCD - UNR Fieldhouse Properties LLC, a Nevada limited liability company, whose sole member is National Campus and Community Development Corporation (NCCD). The Project will be operated by UNR. 

The Nevada System of Higher Education (NSHE), on behalf of UNR, will enter a 35-year ground lease and corresponding 30-year sublease with NCCD-UNR Fieldhouse Properties, LLC for the purposes of executing the Project.

The Series 2025 Bonds are secured by (1) sublease payments from NSHE which are a contractual obligation of on behalf of UNR, payable from all legally available funds (after debt service on NSHE’s revenue bonds has been paid); and (2) a first lien leasehold mortgage on the Project and collateral accounts.

On August 5, 2025, KeyBanc Capital Markets successfully closed the financing of one of the largest transportation public-private partnerships (P3s) in U.S. history. The financing included $3.4 billion of Public Finance Authority Federal Tax-Exempt Senior Lien Toll Revenue Private Activity Bonds (SR 400 Peach Partners, LLC) Series 2025 (the Series 2025 Bonds) and a $3.9 billion Transportation Infrastructure Finance and Innovation Act (TIFIA) loan from the U.S. Department of Transportation.

The re-procurement of the SR-400 Express Lanes project includes the development of approximately 71 additional lane miles through two managed lanes in each direction from I-285 to McGinnis Ferry Road, north of Atlanta, as well as one buffer-separated express lane in each direction from McGinnis Ferry Road to McFarland Parkway. The State Road and Tollway Authority (SRTA) will enter into the project agreement with the developer, with GDOT acting as SRTA’s agent.

Acciona, founded in 1931 and headquartered in Madrid, Spain, is an engineering and construction firm specializing in sustainable infrastructure and renewable energy projects. With a workforce of 64,570 employees, the company operates in two main divisions — energy and infrastructure — focusing on projects related to construction, water treatment, and renewable technologies such as wind, solar, hydro, and biomass.

On July 18, 2025, KeyBanc Capital Markets served as Sole Arranger and Hedge Provider on a $36.6 million construction loan to fund the Hornet Place student housing development project (the Project) at California State University, Sacramento (the University). 

Greystar and JLC Infrastructure are developing Hornet Place, a 101-unit, Class A student housing property with 352 beds included within a 2.83-acre site, complemented by 1,800 square feet of retail envisioned to be a fast-casual restaurant space. Construction commenced in July 2025 with delivery and occupancy by Fall 2027. The borrower has a long-term ground lease with the University, including a cooperation agreement whereby the University agrees to advertise the Project to students as an on-campus housing option and provide residence life programming. The Project will benefit from its proximity to the core campus, along with the University’s affiliation, supporting services, and emphasis on on-campus residential life as part of its 10-year plan. 

Greystar is one of the leading student housing developers in the U.S., with $17.8+ billion of student housing assets under management and 110,000+ student beds in its portfolio. The company serves a total of 82 universities, with experience on campus at CSU Sacramento, with the Hornet Commons phase one development.

JLC Infrastructure is a nationally recognized and minority-owned institutional infrastructure equity investor founded in 2015 by Jim Reynolds of Loop Capital and Earvin Magic Johnson. JLC Infrastructure is an investor and asset management firm focused on the transportation, communications, energy, utilities and social infrastructure sectors in the U.S., with 11 investments and $2.1 billion assets under management.

In July 2025, KeyBanc Capital Markets served as Sole Underwriter on $58.9 million of taxable Public Finance Authority Senior Lien Revenue Bonds (E-470 Public Highway Authority Service Areas Project), Series 2025 (the Series 2025 Bonds, or the Bonds). 

The Series 2025 Bonds will finance the construction of four new service plazas along the 47-mile E-470 beltway around Denver, Colorado — Parker Southbound, Aurora Northbound, Commerce City Southbound, and Commerce City Northbound — under a long-term concession with the E-470 Public Highway Authority. Each plaza will feature fuel, food and beverage, convenience store, and electric vehicle services. The Bonds are being issued to (i) pay a portion of the costs and expenses incurred in connection with the design, construction, equipping and financing of the improvements; (ii) pay a portion of the interest payable on the Bonds during construction; and (iii) pay certain cost of issuing the Bonds and other permitted financing costs.

Applegreen is the largest highway travel plaza operator in Ireland and the second largest in the UK. It operates 620 forecourt sites across Ireland, U.K. and U.S. Applegreen has 530 locations and more than 700 food and beverage offerings. The key areas in the U.S. include the Midwest, across Indiana and Ohio, and the Northeast – New York, New Jersey, Maine, Delaware, Connecticut, Massachusetts, and Pennsylvania.

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.