U.S. Infrastructure & P3 Pipeline

In July 2026, KeyBanc Capital Markets (KBCM), in collaboration with KeyBank Real Estate Capital, successfully structured and closed a $112 million senior secured loan facility for 155 Jefferson Street Urban Renewal LLC, the owner and landlord of the Newark School of Architecture & Interior Design in Newark, New Jersey. KBCM served as Sole Lead Arranger on the transaction.

The loan proceeds were used to refinance the property's existing debt and fund the remaining construction costs associated with Phase 2 of the project, which includes a gymnasium and auditorium facility adjacent to the academic building. The school is currently operational and serving students, while completion of Phase 2 is expected to trigger commencement of full rental payments under the lease agreement. Construction is expected to be completed in early 2027.

155 Jefferson Street Urban Renewal LLC is an affiliate of Summit Assets and Winchester Equities — New York-based real estate developers and owner-operators. The sponsors developed the school through a public-private partnership structure under which Newark Public Schools leases the facility for a 30-year term, with an option to purchase the property for $1 at lease maturity. The lease is supported by the A- rated credit profile of the Board of Education of the City of Newark, New Jersey, providing a strong underlying credit foundation for the transaction.

Newark School of Architecture & Interior Design is a newly constructed public high school focused on career and technical education, offering programs in architecture, engineering, interior design, electronics, HVAC, plumbing, and real estate.

On May 6, 2026, KeyBanc Capital Markets acted as Exclusive Financial Advisor and Sole Placement Agent for the issuance of $324.8 million privately placed Senior Secured Notes (the Notes) for Axium Campus Housing LLC, 100% owned by AxInfra US LP and its affiliates (together, Axium). The net proceeds from the sale of the Notes will be used to refinance existing debt of the UMass Project Company, the Vanderbilt Project Company, and the Iowa Project Company (together, the Portfolio).

The Portfolio consists of the following projects:

UMass Project (Slate Undergraduate) is a 253-unit housing facility entailing undergraduate apartment-style housing (623 beds) and related infrastructure, including a dining facility, a wellness space, and parking located on-campus at the University of Massachusetts, Amherst. 

UMass Project (Artisan Graduate) is a 140-unit housing facility entailing graduate student apartment-style housing (201 beds) and related infrastructure located on-campus at the University of Massachusetts, Amherst.

Vanderbilt Project is a 529-unit graduate and professional student housing facility (616 beds) located on-campus at Vanderbilt University.

Iowa Project is a 522-unit student housing facility (864 beds) located on-campus at the University of Iowa.

Axium is an independent portfolio management firm with a diverse portfolio of over 260 assets. The firm focuses on middle market investments, acquisitions, and development of assets, with a strong emphasis on sustainable infrastructure assets in North America.

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. 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.

ACS, founded in 1997 and headquartered in Madrid, Spain, is a major provider of civil and engineering construction services. The company specializes in infrastructure development, engineering projects, civil works, and building construction, with a significant focus on P3s. ACS operates through four segments: construction, concessions, services, and corporate.

Meridiam, founded in 2005 and headquartered in Paris, provides independent investment and asset management services focused on sustainable infrastructure. The company has 368 employees and specializes in the development, financing, and long-term management of sustainable public infrastructure across sectors such as sustainable mobility, critical public service, and innovative low-carbon solutions.

The SR-400 project won the 2025 P3 Deal of the Year by the Bond Buyer.^*

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.