California State University, Sacramento

Overview

Deal Type Debt Capital Markets
Size $36.6 Million
Construction Loan
Client & Transactional Partners California State University, Sacramento
Our Role Sole Arranger
Hedge Provider

Summary

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.

KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., member FINRA/SIPC (“KBCMI”), and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and by its licensed securities representatives. Banking products and services are offered by KeyBank N.A.

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