U.S. Infrastructure & P3 Pipeline

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.

KeyBanc Capital Markets served as Sole Manager on $79.5 million Indiana Finance Authority Tax-Exempt 501(c)(3) Student Housing Revenue Bonds (PRG-UINDY Properties LLC) Series 2025. The Series 2025 Bonds primarily finance the costs of acquiring three apartment-style student housing facilities (the Project) located on land owned by the University of Indianapolis. 

The Project will be owned and operated by PRG-UINDY Properties LLC, an Indiana limited liability company, whose sole member is Provident Resources Group Inc. The three housing facilities are the Greyhound Village apartment complex (480 beds), the University Lofts apartment complex (300 beds), and the College Crossing apartment complex (168 beds). The properties represent the only apartment-style student housing on or near campus. Proceeds will be used to fund required reserves and pay cost of issuance.

KeyBanc Capital Markets served as Sole Lead Arranger and Administrative Agent on the successful close of $84.9 million Senior Secured Credit Facilities in relation to the University of Utah’s (the University) The Annex Student Housing Project (the Project). 

American Campus Communities has partnered with the University of Utah to develop The Annex, a 1,449-bed, on-campus, first-year student housing project. The Annex broke ground in October 2024 and is expected to deliver in July 2026. The Project is a six-story, 349,342-square-foot residence hall located on the University’s main campus in Salt Lake City. The Project consists of predominantly double-occupancy rooms and suites, consistent with the University’s existing on-campus, first-year housing offerings, along with a 17,000-square-foot 2 campus hub on the first floor to serve students with additional study, social, and recreation areas, and dining. The property is subject to a 75-year ground lease with the University.

In August 2024, KeyBanc Capital Markets (KBCM) successfully closed approximately $96 million in Tax-Exempt 501(c)(3) Bonds for Purdue University Fort Wayne. The proceeds will fund the design and construction of a new student housing facility.

On November 30, 2023, KeyBanc Capital Markets (KBCM) successfully closed $86.26 million in Tax-Exempt Parking System Revenue Bonds, Series 2023 (the Bonds) for UAkronPark Inc., a special-purpose entity formed by the Development Finance Authority of Summit County (the Authority) with Diogenes Capital serving as the Asset Manager. The Bonds are being issued to provide 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 2023 Bonds, (iv) to fund capitalized interest on the Series 2023 Bonds, and (v) to fund the costs of issuing the Series 2023 Bonds. KBCM served as Sole Manager on the transaction.