Braemar at Wallkill completes a $30,685,000 FHA 232/223(f) Refinancing

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Icario, a portfolio company of CVC Capital Partners, on its sale to Vitality Group.

Leveraging deep experience in payer tech and member engagement, Cain Brothers ran a competitive process targeting strategic buyers. The transaction resulted in a strategic combination pairing Icario's member engagement platform with Vitality's global behavior-change franchise, expanding Vitality's reach into health plan member engagement and gaps-in-care closure in the U.S. market.

Icario is an AI-powered, digital-first member engagement platform that leverages whole-person data, proprietary analytics, GenAI, behavioral science and omnichannel communication to deliver personalized member experiences at scale. The company helps health plans translate complex member-level data into engagement programs that motivate healthy behaviors, close gaps in care and improve outcomes. Icario serves some of the nation's largest health plans, reaching millions of Medicare, Medicaid and commercial members, while delivering measurable improvements in quality performance, care outcomes and member engagement.

Vitality, a subsidiary of Discovery (JSE: DSY), a South Africa-based financial services group, is a leading health engagement platform that helps improve health outcomes through technology, data, AI, incentives and behavioral science. Backed by Discovery's global expertise in insurance, wellness and behavior change, Vitality serves more than 52 million lives across Europe, the Americas, Asia, Africa and Oceania.

Founded in 1981, CVC Capital Partners is a Luxembourg-based private equity firm with over $245 billion of assets under management. The firm invests across a diverse range of sectors, including business services, consumer and retail, healthcare, technology, and infrastructure, partnering with management teams to scale businesses and create long-term value across its portfolio.

In August 2026, KeyBanc Capital Markets (KBCM) successfully closed on $650 million in Senior Notes due 2036 for MasTec, Inc. (MasTec). KBCM acted as Senior Co-Manager on the transaction.

MasTec is a leading infrastructure construction company that provides engineering, building, installation, and maintenance services for communications, energy, utility, and transportation infrastructure across North America. The company serves telecommunications, renewable energy, power delivery, and pipeline customers through its diversified infrastructure solutions.

On August 31, 2026, KeyBanc Capital Markets (KBCM) successfully advised on the sale of Myers Tire Supply (MTS), a division of Myers Industries (Myers), to Lion Equity Partners (Lion). KBCM was selected to serve as Myers’ Exclusive Sell-Side Advisor based on its industry-leading Specialty Distribution investment banking practice, proven M&A execution capabilities and long-standing relationship with Myers.

Headquartered in Akron, Ohio, Myers is a leading manufacturer of specialized plastic and metal products for the consumer, vehicle, food & beverage, general industrial and infrastructure end markets. Myers operates a portfolio of established brands and manufactures a diverse range of products, including material handling containers, storage solutions, fuel and water storage products, ground protection systems and other engineered products. Myers employs over 2,000 individuals, with over 30 locations globally.

Founded in 1933 and headquartered in Akron, Ohio, MTS is one of the nation’s leading distributors of specialized tire supplies, tools and equipment for the tire service market. MTS provides comprehensive retread and repair consumables, wheel weights, equipment, tire pressure monitoring systems, valves, shop supplies and tools. MTS’s footprint spans the continental U.S., serving thousands of customers across the passenger and commercial automotive markets through four distribution centers.

Headquartered in Denver, Colorado, Lion is a lower middle-market private equity investment firm with over $170 million of assets under management.

On August 27, 2026, KeyBanc Capital Markets Inc. (KBCM) successfully closed the syndication of a $40 million Incremental Term Loan A Facility for WarHorse Gaming, LLC, wholly owned by the Winnebago Tribe of Nebraska’s award-winning economic development corporation, Ho-Chunk, Inc. for an aggregate issuance of $340 million in Senior Secured Credit Facilities. Proceeds from the Incremental Facility will be used to support ongoing construction costs, working capital, and general corporate purposes.

KBCM served as a Joint Lead Arranger on the transaction due to our successful track record of executing syndicated transactions and industry expertise in the debt capital markets. This transaction represents the second transaction with WarHorse.

About WarHorse
The Tribe established WarHorse in 2022 to develop, own, and operate two commercial casinos in eastern Nebraska: WarHorse Gaming Lincoln, LLC and WarHorse Gaming Omaha, LLC. WarHorse completed its multi-phase development in April 2025 and currently features an aggregate of 1,900 slot machines, 28 table games, several F&B options, and other premium amenities. The third WarHorse Casino, expected to open in 2028, will be constructed in South Sioux City and feature over 700 gaming options adjacent to the newly constructed racetrack.

About Ho-Chunk
Ho-Chunk, Inc. was established in 1994 as an independent commercial entity owned by the Tribe. Ho-Chunk owns and operates a diversified portfolio of businesses spanning multiple end markets including gaming & real estate, manufacturing & distribution, consumer, and government contracting. As a long-term capital provider, Ho-Chunk prioritizes their dual mission of generating revenue and affecting positive social and economic impact.

About The Tribe
Winnebago Tribe of Nebraska is a federally recognized sovereign nation comprised of over 5,000 enrolled members. Tribal lands encompass over 27,600 acres across eastern Nebraska.

On August 18, 2026, KeyBanc Capital Markets (KBCM) successfully advised Safe-Way Garage Doors LLC (Safe-Way or the Company), a portfolio company of CW Industrial Partners (CW), on its sale to Point 41 Capital Partners (Point 41). KBCM was chosen to serve as Exclusive Sell-Side Advisor based on its industry-leading Building Products practice and proven M&A execution capabilities.

Headquartered in Warsaw, Indiana, Safe-Way is a leading manufacturer of residential and commercial garage doors serving professional dealers, installers and distributors across North America. The Company offers a comprehensive portfolio of garage door products designed to meet a broad range of performance, aesthetic and end-market requirements. Safe-Way is recognized for its reputation for product quality, customer service and operational reliability, supported by a strategically located manufacturing footprint, long-standing customer relationships and industry-leading delivery performance.

CW is a Cleveland, Ohio-based private equity firm focused on middle-market industrial businesses that manufacture or service engineered products, components and equipment. With more than 20 years of experience, the firm partners with entrepreneurs, families and executives to drive long-term value creation.

Point 41 Capital Partners is a middle-market private equity firm that partners with management teams in the specialty industrials and services sectors and invests in North American-based companies with an enterprise value between $50 million and $350 million. Point 41's ideology is built upon four key principles — team, expertise, execution, and integrity — that guide the firm’s investment philosophy. In alignment with management teams, Point 41 offers 40 years of deep sector expertise and a proven approach to driving transformational growth.

Cain Brothers, a division of KeyBanc Capital Markets, acted as buy-side advisor to Bookmark Medical, a portfolio company of Kinderhook Industries, on its acquisition of the Michigan assets of Village Medical, a subsidiary of VillageMD.

Cain Brothers has a longstanding relationship with Kinderhook and maintains on-going dialogue with Bookmark on M&A and capital raising opportunities. Cain Brothers was engaged based on our deep expertise in primary care, with this mandate further bolstering our credentials in the broader physician group and value-based care sectors.

Bookmark Medical is a provider-led healthcare organization dedicated to improving lives through high-quality care. Serving patients across Arizona, Massachusetts, Michigan, and Tennessee, Bookmark partners with providers to deliver coordinated, patient-centered care rooted in strong community relationships. Through primary care, specialty care, and affiliated provider partnerships, the organization is expanding access to healthcare while improving health outcomes for the communities it serves.

Kinderhook Industries is a private investment firm that has raised over $11 billion of committed capital and has made 500+ investments and follow-on acquisitions since its founding in 2003. Kinderhook matches differentiated, growth-oriented investment opportunities with its financial expertise and proprietary network of operating partners. Kinderhook focuses on middle market businesses with defensible niche market positioning in healthcare services, environmental & equipment services, and industrials & manufacturing.

VillageMD provides high-quality, accessible health care services for individuals and communities across the United States, with primary, multispecialty, and urgent care providers serving patients in traditional clinic settings, in patients’ homes, and through online appointments. Committed to serving all patients and working with all payers, VillageMD consistently innovates value-based care, bringing integrated applications, population insights and staffing expertise to its owned and affiliate practices, ensuring high-quality care, better patient outcomes, and a reduction in the total cost of care.

On July 31, 2026, KeyBanc Capital Markets Inc. (KBCM) successfully closed a $1.05 billion Senior Secured Credit Facility for Avantus LLC (Avantus) in support of their expansive project pipeline. The Facility comprises a $520 million facility upsize to an existing $522 million corporate credit facility put into place in July 2024.

The expanded Facility will advance Avantus’ independent power producer (IPP) strategy and accelerate the execution of its portfolio across core markets in California and the desert Southwest. Its pipeline totals 24 GW of system capacity, including 13 GW of solar integrated with 44 GWh of storage. The near-term portfolio consists of 12 projects totaling 2.6 GWac of solar capacity and 2.5 GWac/9.8 GWh of battery storage capacity, and will generate revenue through long-tenor busbar power purchase agreements with various Tier-I offtakers.

KBCM joined the financing as a new Lead Arranger alongside other institutions.

Avantus Overview
Avantus develops, owns and operates utility-scale clean energy projects across California and the desert Southwest. The company’s development pipeline of solar with integrated storage will generate enough dispatchable power to serve more than 10 million Americans, day and night. Backed by strategic investment from KKR and EIG and building on more than a decade of industry leadership, Avantus is growing its position as an independent power producer, delivering affordable, reliable clean energy solutions to meet America’s growing energy demand.

On July 31, 2026, KeyBanc Capital Markets (KBCM) successfully advised Bearing Distributors, Inc. (BDI or the Company) on a strategic growth investment from Kelso & Company (Kelso). KBCM served as Exclusive Financial Advisor to BDI on the transaction.

KBCM’s advisory relationship with BDI, and its CEO and controlling shareholder, spans over 25 years. Accordingly, KBCM ran a high-touch process to drive a compelling outcome, while allowing the CEO and his team to align with a preferred partner with a shared vision for the Company. This partnership provides BDI with enhanced access to capital and operational resources to accelerate organic and inorganic growth. KBCM was selected based on its decades-long relationship with BDI, commitment to identifying attractive partnerships for founder- and family-owned businesses, industry-leading specialty distribution investment banking practice, access to like-minded potential investors, and proven M&A execution capabilities.

BDI is a leading distributor of bearings, power transmission and fluid power products, and related industrial solutions, serving a broad and diversified customer base across end markets in 11 countries. Led by its CEO, Carl James, BDI is headquartered in Cleveland, Ohio, with over 205 locations globally. The Company has built a strong reputation for technical expertise, deep supplier relationships, and a solutions-and-productivity service model that has made it a trusted partner to its customers.

Kelso is a North American-focused middle-market private equity firm founded on the principles of partnership and alignment of interest championed by Louis Kelso, the inventor of the Employee Stock Ownership Plan (ESOP). Kelso’s unique history drives a deep commitment to aligning the interests between the firm’s partners, management teams, strategic partners, and limited partners. Since 1980, Kelso has invested approximately $20 billion of equity capital in over 140 transactions. Kelso benefits from a successful investment track record, deep sector expertise, long-tenured investment team, and reputation as a preferred partner to management teams and corporates.

The transaction includes a $16,545,000 ($72,566/unit) non-recourse, first mortgage loan secured by a 228-unit affordable housing apartment complex known as VIA, located in Albuquerque, New Mexico. VIA was originally built in 1974. The subject improvements consist of 17 two-story residential buildings, one clubhouse building and one maintenance building, situated on 12.78 acres of land. The property will be rent- and income-restricted under the LIHTC, in which 102 units are restricted to 60% AMI. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a seven-year term, and subsequent to a four-year interest-only period, amortizes on a 30-year schedule.

The transaction includes a $44,951,000 ($138,737/unit) non-recourse, first mortgage loan secured by a 324-unit, garden-style apartment complex known as Pointe Grand Byron, located in Byron, Georgia. Pointe Grand Byron was built in 2024 and consists of 10 three-story apartment buildings. The property offers two-bedroom units of 1,170 square feet, located on 20.05 acres of land. The loan will be used for refinancing the existing debt of the property. The loan is structured with a seven-year term, and subsequent to a four-year interest-only period, amortizes on a 35-year schedule.

The transaction includes a $16,640,000 ($69,046/unit) non-recourse, first mortgage loan secured by a 241-unit affordable housing apartment complex known as Mont 44, located in Albuquerque, New Mexico. Mont 44, was originally built in 1973. The subject improvements consist of 24 two-three story residential buildings, one clubhouse building and one pool shed building, situated on 16.39 acres of land. The property will be rent- and income-restricted under the LIHTC, in which 110 units are restricted to 60% AMI. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a seven-year term, and subsequent to a four-year interest-only period, amortizes on a 30-year schedule.

The transaction includes a $15 million ($70,422/unit) non-recourse, first mortgage loan secured by a 213-unitpad MHC known as Lithia Springs Estates, located in Lithia Springs, Georgia. Lithia Springs Estates was built in 1972 and consists of eight Park Owned Homes (“POHs”) and 35 POH units that have a Lease w/ Purchase Option (“LPO”), which equates to 20.18% of the total available pads, located on 45 acres of land. The proposed loan will be used for refinancing the existing debt of the property. The loan is structured with a five-year term, and subsequent to a two-year interest-only period, amortizes on a 30-year schedule.

Cain Brothers, a division of KeyBanc Capital Markets, served as financial advisor to Strive Medical, a portfolio company of NMS Capital, on its sale to Cardinal Health (NYSE: CAH).

Cain Brothers was engaged based on its experience in the home medical supply and DME sectors. The transaction continues Cain Brothers' track record of representing private equity-backed companies and momentum within the post-acute and distribution sectors.

Strive Medical, headquartered in Irving, Texas, is a provider of direct-to-patient urological, wound care, ostomy, incontinence and other medical supplies to patients in their homes and across the U.S. Since its founding, Strive has focused on giving patients the highest quality customer service and best products available.

Cardinal Health is a distributor of pharmaceuticals and specialty products, a global manufacturer and distributor of medical and laboratory products, a supplier of home-health and direct-to-patient products and services, an operator of nuclear pharmacies and manufacturing facilities and a provider of performance and data solutions. The company's customer-centric focus drives continuous improvement and leads to innovative solutions that improve people's lives every day.

Founded in 2010, NMS Capital is a private equity firm managing over $2 billion in assets. NMS has partnered with founders and management teams in over 150 investments and follow-on acquisitions across Business Services and Healthcare Services. The firm’s strategy is to create long-term value by providing strategic and operational resources to accelerate organic and acquisition-driven growth to build industry-leading lower middle market companies in defensible and scalable end markets.

KeyBank Real Estate Capital and Blueprint Healthcare Real Estate provided $17.25 million in acquisition financing for Bethel Retirement Community, a 198-unit independent living and assisted living community in Modesto, California. The Sponsor, Alta-Northstar Senior Living, selected a five-year term with an earnout at first mortgage pricing with a national Life Company.

KeyBank Real Estate Capital has arranged $185 million in new Freddie Mac loans for Brookdale Senior Living Inc. (NYSE: BKD). Acting proactively, KeyBank and Brookdale refinanced pending 2027 debt maturities of Brookdale into new fixed-rate financing at an attractive rate of 5.38%. The new Freddie Mac debt is secured by seven seniors housing communities located on the West Coast. “Brookdale continues to address its debt maturities proactively, and this refinancing extends a portion of our 2027 maturities by six years to 2033 at economically similar terms,” said Dawn Kussow, Brookdale’s Chief Financial Officer. “This refinancing demonstrates the continued confidence our lending partners have in Brookdale’s business, communities, and long-term strategy. We extend our gratitude to Freddie Mac and KeyBank for their continued support and partnership.”

KeyBank Real Estate Capital and Blueprint Healthcare Real Estate provided $11 million in acquisition financing for The Villages of Windcrest, an 81-unit assisted living and memory care facility in Fredericksburg, Texas. The Sponsor, Senior Living Transformation Company (SLTC), selected a five-year term with an earnout at first mortgage pricing with a national Life Company.

On July 8, 2026, KeyBanc Capital Markets (KBCM) successfully closed on the syndication of a $250 million Revolving Credit Facility and $400 million Term Loan B, in addition to the offering of $450 million of Senior Secured Notes (together, the Credit Facilities) for American Greetings Corporation (American Greetings or the Company), a portfolio company of Elliott Management (Elliott) and Clayton, Dubilier & Rice (CD&R). Proceeds from the Credit Facilities will be used to refinance the Company’s existing Term Loan B, repay outstanding Revolving Credit Facility borrowings and pay transaction fees and expenses. KBCM acted as Joint Lead Arranger and Joint Bookrunner on the transaction.

About American Greetings
Founded in 1906 and headquartered in Cleveland, Ohio, American Greetings is a leader in the large and enduring Celebrations marketplace, which includes greeting cards, digital celebrations, e-gift cards, party goods, gift packaging, and physical gifts, such as balloons, candles, and plush toys, among other products.

About Elliott Management 
Elliott was founded in 1977, is one of the oldest firms of its kind under continuous management and manages multi-strategy funds with approximately $79.8 billion of assets under management as of December 31, 2025. A key element of Elliott’s investment approach is its focus on the creation – not just identification – of value. Since 2005, Elliott has made numerous investments in the consumer and consumer services sectors with a focus on industry-leading companies across a range of growth profiles and stages of maturities.

About Clayton, Dubilier & Rice
Founded in 1978, Clayton, Dubilier & Rice employs a distinctive approach to private equity investing, bringing together professionals and operating executives to pursue a strategy predicated on building stronger, more profitable businesses. Since inception, CD&R has managed the investment of more than $45 billion in over 110 companies. CD&R has a disciplined and clearly defined investment strategy with a particular focus on market-leading multi-location services, manufacturing, and distribution businesses. 

The transaction includes an $18 million ($139/sf) non-recourse, first mortgage loan secured by a 135,600 square-foot, 1,996-unit self-storage facility known as Stop & Stor Bay Ridge (“Subject”), located in Brooklyn, New York. Stop & Stor is a Class A self-storage facility with 129,187 rentable square feet configured in 1,996 climate-controlled units, ranging in size from 12 square feet to 660 square feet. The Subject consists of one two-level, plus basement and two mezzanine level, building situated on a 1.105-acre site. The improvements were built in 1931 and converted to self-storage use in 2000. The proposed loan will be used for refinance of the property. The loan is structured with a 10-year term, and subsequent to a 10-year interest-only period.

The transaction includes a $17,967,000 ($139,279/unit) non-recourse, first mortgage loan secured by a 129-unit pad RV resort known as Little Arrow Outdoor Resort, located in Townsend, Tennessee. Little Arrow Outdoor Resort was built in 1986, and consists of 11, seven tenant buildings, a cabana, coffee lounge and employee lookout pavilion building situated on a 57.77-acre site. The proposed loan will be used for acquisition of the property. The loan is structured with a five-year interest-only term.

On July 23, 2026, KeyBanc Capital Markets Inc. (KBCM) successfully closed on the syndication of $250 million Senior Secured Credit Facilities (the Credit Facilities) for The Tulalip Tribes of Washington (Tulalip). The Credit Facilities include a $106 million Taxable Revolving Credit Facility and a $144 million Tax-Exempt Credit Facility. The Credit Facilities will be used to refinance existing indebtedness, fund Tribal projects, and for general corporate purposes. 

KBCM acted as Sole Lead Arranger, Sole Bookrunner and Administrative Agent on the transaction. This represents the second financing arranged by KBCM for Tulalip since 2021. KBCM retained its role as Left Lead Arranger due to its long-standing relationship with the Tribe, extensive knowledge and experience in the Native American Financial Services industry, and successful track record of syndicating transactions in the Native American gaming space.

About Tulalip
The Tulalip Tribes are a federally recognized, self-governed Indian tribe with an approximate 22,000-acre reservation in Northwest Washington. The reservation is on Puget Sound, with the Tribal headquarters located in the town of Tulalip, Washington. In 2003, the Tribe established its first casino with the Tulalip Resort Casino. The AAA Four Diamond Tulalip Resort Casino is among the premier destinations in Washington state, offering luxurious accommodations, award-winning dining options, a rejuvenating spa, casino excitement and world-class shopping. In addition, the all-new Quil Ceda Creek Casino, opened in February 2021, provides an expansive gaming, entertainment and dining complex.

The Campus transaction includes a $19,250,000 ($68/sf) non-recourse, first mortgage loan secured by a portfolio consisting of six buildings (four office and two industrial-flex), totaling 281,320 square feet of NRA (“Subject”), located in West Chester, Pennsylvania. The proposed loan will be used for refinance of the property. The loan is structured with a 10-year term, and subsequent to a 10-year interest-only period.

On July 17, 2026, KeyBanc Capital Markets Inc. (KBCM) successfully closed $356 million of Senior Secured Credit Facilities to support Exus Renewables North America, LLC (Exus) and its Exus PA, LLC wind portfolio (Portfolio). The financing includes a $164.9 million term loan, a $161.6 million tax equity bridge loan, and $29.4 million in letters of credit. KBCM acted as Coordinating Lead Arranger, Administrative Agent, Collateral Agent, and Depositary Agent.

The Portfolio consists of Highland North, a 75 MW utility-scale wind facility, and Cambria, a 61.6 MW utility-scale wind facility, both located in Cambria County, Pennsylvania. Each project utilizes Vestas turbines and is currently being repowered by Exus, which acquired the Portfolio in 2024. Cambria is expected to reach commercial operations later this year, with a ribbon-cutting ceremony for the Portfolio planned for September 2026. This financing represents the seventh closed transaction between KBCM and Exus.

The transaction reflects accelerating demand for clean energy from data centers and large corporate consumers. The projects expand Exus's Pennsylvania footprint, where the company owns more than 306.9 MW of wind capacity, including the completed 139.4 MW Twin Ridges Wind Farm in Somerset County.

About Exus
Founded in 2018, Exus Renewables North America is a leading independent power producer and owns, develops, repowers, and manages utility-scale renewable energy and storage assets across the U.S. Exus currently owns more than 5 GW of renewable energy assets and manages over 2.4 GW for third-party clients. Exus is backed by Partners Group, a Swiss-based global private equity firm with $152 billion in assets under management.

KeyBanc Capital Markets Inc. successfully closed ~$1.07 billion of syndicated senior secured credit facilities for US Fertility, a portfolio company of Amulet Capital Partners and L Catterton Partners. The financing included a $120 million Revolving Credit Facility, a ~$902 million Term Loan B, and a $46 million Delayed Draw Term Loan. Proceeds repriced the company’s existing credit facilities, lowering borrowing costs by 50 bps. KBCM served as Joint Lead Arranger, Joint Bookrunner, and Administrative Agent based on Cain Brothers’ expertise in the women’s health space, our long-standing relationship with the sponsors and best-in-class leveraged finance platform.

US Fertility is the largest fertility group in the U.S. offering a broad range of assistive reproductive technology services and ancillary life sciences offerings. Since 2021, the company has grown from ~85 physicians across 59 locations to the leading IVF platform in the nation, with over 200 physicians across 118 treatment locations and 32 embryology labs.

Founded in 2015, Amulet Capital Partners is a middle-market private equity firm focused exclusively on making investments in the broader healthcare industry. With $2.7 billion in AUM, they are currently investing out of their third fund. Amulet partners with strong businesses across high-conviction, high-growth subsectors within the broader life sciences outsourcing, healthcare provider, and payor and payor services ecosystems.

Founded in 1989, L Catterton is the largest consumer-focused private equity firm in the world, with over $38 billion AUM across nine fund strategies in 18 offices globally. They have extensive experience in consumer healthcare and multi-site service platforms. L Catterton has an operationally focused value creation approach, augmented by a deep operating team with highly differentiated capabilities.

KeyBanc Capital Markets and Cain Brothers, a division of KeyBanc Capital Markets, closed the syndication of a $1.038 billion Add-on Term Loan B and the offering of $500 million of Senior Secured Notes for athenahealth Group, a portfolio company of Hellman & Friedman and Bain Capital. Proceeds were used to refinance existing debt. KeyBanc acted as Joint Lead Arranger and Joint Bookrunner.

athenahealth provides cloud-based enterprise software solutions for medical groups and health systems. The company’s software-as-a-service is bundled with high-impact technology-enabled services primarily offered to physicians, as well as health insurers and life sciences. The core offerings include electronic healthcare record, revenue cycle management and other complementary solutions.

Hellman & Friedman is a preeminent global private equity firm with a distinctive investment approach focused on large-scale equity investments in high-quality growth businesses and targets equity investments ranging from $350 million to over $2 billion.

Bain Capital is one of the world’s largest private, multi-asset alternative investment firms and targets equity investments ranging from $150 million to $1 billion.

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 July 1, 2026, KeyBanc Capital Markets served as Joint Bookrunner on Forgent Power Solutions, Inc.’s (Forgent) $2.5 billion Follow-On Offering of 50,197,500 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.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Smile America, a portfolio company of Beach Point Capital Management, in its sale to Kaltroco. 

Cain Brothers was engaged based on its experience in dental, specifically the pediatric dental sector, and long-standing relationship with the financial sponsor. Cain Brothers’ broad sector coverage enabled the Company to access a wide array of buyers and financing sources to facilitate the transaction.

Smile America is the leading provider of school-based dental care services, with a mission to provide access to oral healthcare to underserved populations. Smile America currently provides preventative care and minimally invasive dental procedures to 370,000+ patients in 8,000+ schools across 20 states.

Beach Point is a global alternative investment manager focused on opportunities across the credit spectrum. The firm’s integrated platform spans high-yield bonds, senior loans, CLO origination, securitized credit, direct lending, real estate credit, as well as hybrid and flexible capital solutions. Founded in 2009, Beach Point is employee-owned and manages over $20 billion in assets.

Kaltroco is a private investment company with headquarters in Jersey, Channel Islands and investment professionals in Nashville, Zurich, and Cape Town. Kaltroco partners with founders and management teams to pursue ambitious growth objectives. As a family-backed investment company with no outside investors and no restrictions on structure or hold period, Kaltroco has the flexibility to invest on the timeline that best fits its portfolio companies' needs and its partner management teams' objectives. Since its founding, Kaltroco has invested in over 30 companies globally, with a focus on the healthcare services, business services, and consumer industries.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive sell-side advisor to Personal Care Medical Associates (PCMA), in its sale. 

Cain Brothers was engaged based on its experience in primary and post-acute care, expertise in value-based care and deep relationships with the relevant buyers. Cain Brothers worked alongside the company’s founder and management to execute a broad process, identifying a partner to help facilitate the next phase of growth. This transaction continues Cain Brothers’ strong track record of representing founder-led businesses.

Founded in 2001, PCMA is a leading provider of geriatric primary care serving populations in Pennsylvania and Ohio. PCMA employs physicians and nurse practitioners to serve patients in skilled nursing and assisted living facilities. Operating across 95+ facilities, the company raises the standard of care through a team of 70+ providers and a commitment to quality for its patients.

On June 25, 2026, KeyBanc Capital Markets (KBCM) successfully closed on the syndication of a $1.2 billion Asset-Based Revolving Credit Facility inclusive of a $650 million committed accordion, a $700 million Senior Secured Term Loan B, and the offering of $700 million of Senior Secured Notes in support of Worthington Steel Inc.’s (Worthington Steel or the Company) acquisition of Kloeckner & Co SE (Kloeckner). Proceeds will be used to fund the acquisition, refinance existing indebtedness, and pay transaction-related fees and expenses. KBCM acted as Joint Lead Arranger and Joint Bookrunner on the transaction.

Founded in 1955 and headquartered in Columbus, Ohio, Worthington Steel is one of North America’s premier value-added metals processors, with a diversified range of highly technical products and services including carbon flat-rolled steel processing, toll processing, electrical steel laminations, and tailor welded products. Worthington Steel partners with customers across diverse end markets, including automotive, construction, infrastructure, sustainable energy, machinery, and equipment. The Company maintains a broad geographic footprint, operating 37 manufacturing facilities across North America, Europe, and Asia, and employing ~6,000 globally.

Founded in 1906 and headquartered in Düsseldorf, Germany, Kloeckner is a leading global distributor and service center for steel and metal products. Kloeckner partners with customers across end markets including construction, automotive, energy, and general manufacturing, delivering value-added services such as warehousing, processing, and supply chain management. Kloeckner operates 110+ distribution and processing facilities across North America and Europe and has ~6,100 employees globally.

On June 16, 2026, KeyBanc Capital Markets served as Joint Bookrunner on a $550 million Senior Notes offering for California Resources Corporation. Proceeds will be used to refinance existing indebtedness and for general corporate purposes.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Nutrisense, a portfolio company of 1315 Capital, on its sale to Dexcom (NASDAQ: DXCM).

Cain Brothers was engaged based on its experience in the medical device and health tech sectors. The acquisition represents a significant strategic move for hardware-focused Dexcom to accelerate their push into the large, Type 2 diabetic and metabolic health markets. By leveraging Nutrisense’s tech-enabled, direct-to-consumer distribution and coaching layer, Dexcom intends to increase sensor penetration, improve retention and monetize glucose data. The transaction continues Cain Brothers’ track record of representing private equity-backed companies and momentum in cross-sector M&A. 

Nutrisense is a digital metabolic health platform that combines continuous glucose monitoring (“CGM”), a mobile app and registered dietitian coaching to help users better understand how food, sleep and lifestyle affect their blood sugar. The company primarily serves health-motivated and pre-diabetic individuals through a subscription model, translating real-time glucose data into personalized nutrition and behavior guidance aimed at improving metabolic health and weight management.

Dexcom is a leading glucose sensing and continuous glucose monitoring company focused on helping people take control of their health through innovative biosensing technology. For more than 25 years, Dexcom’s technology has helped transform how people manage diabetes and track glucose, providing real-time insights that support more informed decisions and greater confidence in daily health management.

Founded in 2014, 1315 Capital is a healthcare-focused investment firm with over $1 billion of assets under management. The firm invests in commercial-stage companies across healthcare services, pharma/medtech products, pharma/medtech outsourcing, and health & wellness, partnering with management teams to scale businesses that positively impact patients, physicians and the broader healthcare system.

KeyBanc Capital Markets and Cain Brothers, a division of KeyBanc Capital Markets, acted as Active Joint Bookrunner for VSP Optical Group’s $1 billion public bond issuance.

After completing their inaugural bond offering in November 2025, VSP announced a second offering in May. Over a one-day marketing period and utilizing a pre-recorded presentation, the company garnered over $7.6 billion of orders and priced $500 million of seven-year and $500 million of 10-year Senior Unsecured Notes with no new issue concession. Proceeds were used to refinance existing indebtedness and fund general corporate purposes.

KeyBanc Capital Markets serves as Left Lead Arranger and Administrative Agent on VSP’s existing credit facilities and KBCM and Bank of America acted as joint leads on both the 2025 and 2026 bond offerings.

VSP is a doctor-governed, not-for-profit entity that creates value for members and opportunities for its network doctors. The company’s network has serviced over 91 million members and 1,200 retail locations. VSP’s three-pillar strategy focuses on growing its core competencies, which encompasses insurance, network, and supply chain capabilities, providing access to high-quality vision care and eyewear.