Higher Education Finance Quarterly

The transaction includes a $54 million ($181,324/unit) non-recourse, first mortgage loan secured by a 298-unit, garden-style apartment known as Lakeview at Westpark, located in Richmond, Texas. Lakeview at Westpark consists of six three-split-story buildings and a one-story community building (5,820 square feet) for a total of seven (7) buildings. The property was built in 2021 and is situated on 11.02 acres of land. The proposed loan will be used to refinance the existing debt of the property. The loan is structured with a 35-year term and amortizes on a 35-year schedule.

On April 14, 2026, KeyBanc Capital Markets and Key Government Finance successfully closed $80 million of Senior Secured Credit Facilities for Redding Rancheria. The proceeds, in conjunction with equity contributions, will support the construction and development of the new Redding Rancheria Health Village.

This transaction represents Key’s second financing for Redding Rancheria and the second financing for the Native American Financial Services team secured solely by healthcare revenues. Key was selected to serve as Sole Lender and Structuring Agent due to its extensive experience financing Native American construction projects and deep-rooted relationship with Redding Rancheria.

Redding Rancheria
Redding Rancheria is a federally recognized Tribe with Pit River, Wintu and Yana people and an established leader in the constructive development of its people, the larger Indian community and the Redding Region. Redding prides itself on tribal culture, history and identity by investing in its youth and adults to create a future with the strength of the ancestral lineage. Redding’s government and reservation is in the southwest area of Redding, California, where it operates various governmental services and provides healthcare to over 12,000 Native and non-Native citizens.

Redding Rancheria Health Village
In 1991, Redding operated a small facility to provide medical, behavioral and dental health services to Native Americans, which expanded into the 12,000-square-foot Churn Creek Road Facility. In 2012, Redding acquired their 33,000-square-foot Liberty Street Facility and expanded the operation of each program, and in 2022, constructed the 18,000-square-foot Trinity Health Center. In 2024, Redding opened its Center for Advanced Care, broadening access to specialty-driven services for its expanding patient base.

The Redding Rancheria Health System has evolved and expanded over the course of three decades to service both Native and non-Native populations, with a focus on the large and underserved Medicare and Medi-Cal population. The new visionary Health Village, opening in early 2027, will span 185,000 square feet and provide comprehensive, culturally centered health care, with a focus on holistic wellness. Eleven primary care providers and seven medical specialists will serve over 22,000 patients and enhance health and wellness care for the region.

On April 13, 2026, KeyBanc Capital Markets served as Joint Bookrunner on a $600 million Senior Notes offering for Caturus Energy, LLC. Proceeds will be used to partially fund the acquisition of Galvan Ranch assets from SM Energy Company and for general corporate purposes.

KeyBank successfully closed a $25 million Term Loan and $5 million Revolving Line of Credit for Moosilauke Visions, Inc. and its subsidiaries. Proceeds from the facilities were used for the acquisition of five behavioral health programs across the Western and Southeastern U.S. and to support ongoing working capital needs of the borrowing group. Key acted as Sole Lender on the transaction. Full primacy, including operating deposits and core payments, was also provided. 

Moosilauke Visions, Inc. (MVI) is a Maine‑based 501(c)(3) nonprofit that serves as a strategic parent and shared‑services platform for a portfolio of mission‑driven organizations across human services, behavioral health, education, wellness, and related community‑based sectors, providing centralized financial, operational, and governance support while enabling independent operations and sustainable growth.

Cain Brothers, a division of KeyBanc Capital Markets, acted as Exclusive Financial Advisor to Blue Cross and Blue Shield of Kansas City on its affiliation with Highmark, Inc.

Blue KC engaged Cain Brothers to identify a partner to help achieve efficiencies, add new capabilities and drive more affordable health care. Blue KC will maintain its local leadership, brand and commitment to accessible, affordable health care, while gaining access to Highmark’s scale, diversified businesses and leading technology capabilities. Cain Brothers is the leading advisor to Blue Cross and Blue Shield plans and this represents another significant affiliation within the sector.

Serving members since 1938, Blue Cross and Blue Shield of Kansas City is the largest not-for-profit health insurer in Missouri and the only not-for-profit commercial health insurer in Kansas City. Blue KC provides coverage to more than one million residents in the greater Kansas City area, with a mission to provide affordable access to healthcare and to improve the health of its members.

An independent licensee, Highmark, together with its affiliates, is the fifth-largest Blue Cross Blue Shield-affiliated organization in the country, with more than seven million members in Pennsylvania, Delaware, West Virginia and western and northeastern New York. Its diversified businesses serve group customer and individual needs across the U.S.

On March 30, 2026, KeyBanc Capital Markets served as Joint Bookrunner on Forgent Power Solutions, Inc.’s (Forgent) $1 billion Follow-On Offering of 34,500,000 shares, including overallotment.

Forgent is a provider of engineered protection and control equipment used in data centers, the power grid, and energy-intensive industrial facilities. Major product categories of electrical distribution equipment that Forgent sells include electrical houses, substation enclosures, generator connection cabinets, power skids, automatic transfer switches, dry type transformers, remote power panels, switchboards, and switchgear.

The transaction includes a $7.1 million ($69/square foot) non-recourse, first mortgage loan secured by a 126,000-square-foot(102,591-square-foot NRA), 704-unit self-storage facility known as ModBox Storage - Piedmont, located in Piedmont, South Carolina. Piedmont is part of the greater Greenville metro area, located 17 miles west of the Greenville CBD. The loan is structured with a five-year term, and subsequent to a five-year interest-only period.

On March 26, 2026, KeyBanc Capital Markets (KBCM) successfully advised Terminus Capital Partners (TCP), a growth-oriented private equity firm focused on B2B software companies, on its majority investment in Andesa Services (Andesa), a leading provider of software solutions supporting policy lifecycle administration of insurance and annuity products in the Advanced Markets space. KBCM was retained as the Exclusive Buy-Side Advisor due to its strong M&A capabilities, as well as its close relationship with TCP, and deep domain expertise in Insurance Technology.

Andesa Services is a leading provider of policy and plan administration solutions in the Advanced Markets space, including policy transaction management and NQDC recordkeeping. These solutions simplify the ongoing administration of complex life insurance and annuity products in BOLI, COLI, ICOLI, and Private Placement. By utilizing market and product expertise, configurable capabilities for complex products, and security and reliability at scale, Andesa improves speed to market and empowers carriers and brokers to serve high-value markets confidently. 

Terminus Capital Partners is a private equity firm focused on business software companies, founded in 2017 and based in Atlanta. Differentiated by its industry expertise, sourcing engine, operations approach, and buy-and-build methodology, TCP strives to be the premier partner for capital providers, bankers, and management teams in the enterprise software sector.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to DME Express, a portfolio company of WayPoint Capital Partners, in its sale to Palladium Equity Partners.

Cain Brothers was engaged based on its extensive experience and expertise in the hospice and durable medical equipment sectors as well as broader post-acute services. The transaction continues Cain Brothers’ strong track record of representing private equity-backed companies and continued momentum in healthcare services M&A.

DME Express provides durable medical equipment to hospice providers across the U.S. With over 150 years of experience, the founders and management team understand the unique needs of hospices and nursing facilities and DME Express is a leading provider in each of its markets. The company is committed to consistent availability to patients and providers with high-quality medical equipment, proprietary technology and strong customer service.

WayPoint Capital Partners, founded in 2004, is a growth-oriented lower middle market private equity firm making control investments in exceptional founder and family-led companies across healthcare services and industrials. WayPoint brings strategic guidance, operational support, and long-term patient capital to help its businesses scale and thrive.

With over $3 billion in assets under management, Palladium seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital and strategic guidance. Since its founding in 1997, Palladium has invested in more than 240 companies. Palladium’s partners have experience in consumer, services, industrials, and healthcare sectors, with a focus on companies that will benefit from the growth in the U.S. Hispanic population.

On March 20, 2026, KeyBanc Capital Markets Inc. (KBCM) successfully closed on $146 million of Senior Secured Credit Facilities supporting TigerGenCo’s utility-scale energy storage project, Bayonne Energy Center III. The Facilities include a $48.5 million construction-to-term loan, a $82.7 million tax credit bridge loan, and $14.8 million in letters of credit. Proceeds will be used to fund the project’s construction. KBCM acted as Coordinating Lead Arranger and Administrative Agent.

Bayonne Energy Center III is a 50 MWAC/200 MWh battery energy storage project located in Hudson County, New Jersey. The Project has an executed power purchase agreement with ConEd to sell 100% of power and ancillary service credits. It will utilize Tesla MegaPack equipment and complement the existing natural gas plant co-located at the site. Operations are expected to begin in Q3 2027. 

This marks the third transaction between Morgan Stanley Infrastructure Partners and KBCM.

About TigerGenCo
TigerGenCo is an independent power producer that develops, owns, and operates natural gas and battery energy storage systems as a portfolio company of Morgan Stanley Infrastructure Partners (MSIP). MSIP's investment in TigerGenCo spans across Bayonne Energy Center project phases, which are key components of the energy infrastructure in New Jersey and New York City.

The current Bayonne Energy Center III is a 644 MW dual-fuel generating facility situated in Bayonne, New Jersey that is a best-in-class provider of capacity, energy and ancillary services, including critical grid reliability to NYISO, supporting renewable growth through its 10-minute start-up time. TigerGenCo is constructing one of the first utility-scale battery storage projects to serve NYISO Zone J (New York City).

On March 20, 2026, KeyBanc Capital Markets (KBCM) successfully advised ADB Companies, LLC (ADB or the Company), a portfolio company of Warren Equity Partners (WEP or the Sponsor), on an undisclosed amount in Senior Secured Credit Facilities (the Credit Facilities). Proceeds will be used to repay existing indebtedness, support ongoing working capital, and pay transaction-related fees & expenses. KBCM was chosen to serve as Exclusive Debt Advisor due to our strong relationship with the Sponsor and Company, leading leveraged finance capabilities, and industry expertise.

ADB is a leading turnkey provider of underground and aerial infrastructure services for the digital infrastructure, data center, and power sectors. The Company specializes in designing, installing, and maintaining fiber-optic networks, wireless cell towers, electrical power lines, and data hardware, delivering comprehensive solutions across wireline, wireless, technology, and engineering segments. ADB operates 35 locations across 17 states, offering a nationwide presence for its suite of capabilities.

Warren Equity Partners is a private equity firm investing in companies that provide mission-critical products and services into infrastructure end markets. Target sectors include power & utilities, waste, water & wastewater, digital infrastructure, transportation, buildings & facilities, and environmental, health & safety. WEP drives business improvement and value creation initiatives with a dedicated operations team whose domain knowledge and deep experience help management teams transform their businesses into leading enterprises.

On March 20, 2026, KeyBanc Capital Markets (KBCM) successfully advised LTi Technology Solutions, Inc. (LTi or the Company), a leading provider of equipment finance leasing and lending lifecycle management technology, on its sale to Diversis Capital, L.P. (Diversis). KBCM was retained as the Exclusive Sell-Side Advisor due to its long-standing and trusted relationship with the Company’s founders and management team, deep sector expertise in lending technology, and access across the vast investor ecosystem.

Founded in 1989, LTi is a provider of lease and loan finance software for the equipment finance industry. LTi’s ASPIRE platform is a comprehensive, highly configurable lifecycle management system used by banks, captives, and independents across North America and the U.K. With more than $180 billion in assets under management on its platform and a client base that includes 40% of the Monitor 100, the Company is one of the most trusted and widely adopted technology platforms in equipment finance. LTi is headquartered in Omaha, Nebraska.

Diversis is a software- and technology-focused private equity fund that invests in lower middle-market companies, targeting situations where it can add unique value in helping a company reach the next level. With a collaborative approach to investing, its Operating Partners work alongside management teams to help build successful organizations positioned for long-term growth. Founded in 2013, with offices in Los Angeles, California, the firm is investing its third fund.