LifeStance completes Debt Refinancing to replace Private Credit Structure

On November 3, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed $1.05 billion of Senior Secured Credit Facilities (the Facilities) for Apex Clean Energy (Apex). The Facilities are comprised of a $500 million Term Loan Facility, a $400 million Letter of Credit Facility, and a $150 million Revolving Credit Facility. Proceeds will be used to fund Apex’s next phase of growth. KBCM acted as Coordinating Lead Arranger.

Apex Clean Energy Overview
Apex Clean Energy was founded with a singular focus: to accelerate the shift to clean energy. Through origination, development, construction, and operation of utility-scale wind, solar, and storage facilities and distributed energy resources, Apex is expanding the renewable frontier across the United States. The company’s mission-driven team uses a data-focused approach and an unrivaled portfolio of projects to create solutions for the world’s most innovative and forward-thinking customers.

KeyBanc Capital Markets and Cain Brothers, a division of KeyBanc Capital Markets, Inc., successfully closed a financing in support of Sevita, a portfolio company of Centerbridge Partners, Madison Dearborn Partners, and The Vistria Group.

Proceeds from the financing were used to acquire BrightSpring Health’s Community Living division and to refinance existing indebtedness. The transaction consisted of a $314 million Revolving Credit Facility, a $875 million Term Loan B, a $375 million Delayed Draw Term Loan B, and $1.275 billion of Senior Secured Notes.

Sevita is a national provider of home and community-based services to specialized, complex patient populations with a range of medical, behavioral, and social needs. Since being founded in 1980, the Company has evolved from a single residential program to a diversified network operating across 40 states with 43,900+ individuals served.

Centerbridge Partners is a New York City-headquartered private investment firm with $18 billion of capital commitments and $38 billion of AUM. Founded in 2005, Centerbridge seeks to back strong management teams to drive operational improvements and other value creation strategies.

Founded in 1992, Madison Dearborn Partners is a Chicago-based private equity firm, with $19 billion of committed capital, focusing on the Basic Industries, Financial Services, Healthcare, and Technology & Government sectors.

Headquartered in Chicago and founded in 2013, The Vistria Group is a private equity firm focused on investing in the Education, Financial Services, and Healthcare sectors with $7 billion of AUM across 40+ portfolio companies.

On December 22, 2025, KeyBanc Capital Markets (KBCM) successfully advised Excel Testing and Engineering Holdings, LLC (Excel Engineering, or the Company), a portfolio company of Rock Island Capital (Rock Island), on its sale to Fusion Capital Partners (Fusion). 

KBCM was selected to serve as Exclusive Sell-Side Advisor based on its industry-leading Industrial & Business Services practice, deep industry expertise, extensive financial buyer relationships, relevant transaction experience and proven track record of successful M&A execution. 

Founded in 2002, Excel Engineering is a leading North American engineering and equipment testing, inspection, certification and compliance (TICC) services platform, delivering trusted, independent testing solutions across a diverse array of applications, including internal combustion engines, powertrains, generators and battery systems. The Company has earned its reputation as the partner of choice based on its technical expertise and long-tenured relationships with blue-chip OEMs. Excel Engineering is headquartered in Diagonal, Iowa and has three testing facilities across the Midwest. 

Based in Chicago, Illinois, Rock Island is a private equity firm focused on partnering with middle-market companies in the United States to support their growth objectives. Rock Island provides flexible structure capital investments across manufacturing, distribution and service companies with tested business models and experienced management teams. 

Fusion is a Los Angeles, California-based private equity firm focused on investments in engineered products and essential services businesses across the commercial and industrial markets of North America. Fusion seeks to make equity investments in middle-market companies with a robust value creation plan and facing an inflection point in their growth journey.

On December 18, 2025, KeyBanc Capital Markets (KBCM) successfully advised Hasgrove Limited (Interact), a leading provider of employee experience software, on its majority investment from Castik Capital S.à r.l. (Castik). This strategic investment will allow Interact to accelerate product innovation, scale operations, and expand global reach through both targeted M&A and market expansion. Selling shareholders included Unicorn Asset Management, Octopus Ventures, and Perwyn Advisors. KBCM worked alongside its exclusive U.K. partner Clearwater International on the transaction.

Headquartered in Manchester, United Kingdom, Interact is a leading employee experience platform that helps organizations facilitate internal communication, foster knowledge sharing, and boost employee engagement. Interact provides solutions for enterprise Internal Communications, Human Resources, and Information Technology teams. The company currently serves a broad range of blue-chip customers across North America, EMEA, and the Middle East, with its largest markets being the United States and the United Kingdom.

Founded in 2014 and based in Luxembourg, Castik is a private equity investment manager acquiring majority ownership positions in European companies. Castik’s sector focus covers technology-enabled business services, software and internet platforms, specialist healthcare, and industrial technology.

On December 17, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed $66.5 million of Senior Secured Credit Facilities (the Facilities) in support of Cenergy Power (Cenergy), their IL Grounded III portfolio (the Portfolio) and in collaboration with ESP Solar LLC and Grounded ESP III LLC. The Facilities total a $26.2 million construction-to-term loan, $38.6 million in aggregate bridge loans, and $1.7 million in letters of credit, which will be utilized to fund the Portfolio’s construction costs. KBCM acted as Coordinating Lead Arranger, Depositary Agent, Collateral Agent, and Administrative Agent.

The Portfolio comprises four Illinois community solar assets totaling 20 MW across the Ameren and ComEd utility zones. All projects received the IL Shines REC awards and are expected to reach commercial operations in 2026.

This represents the second financing transaction between KBCM and Cenergy.

About Cenergy Power
Based in California, Cenergy is a leading national commercial solar developer with over 450 MWs of solar experience working with local communities and businesses.

On December 16, 2025, KeyBanc Capital Markets (KBCM) successfully advised Kingston HealthCare Company, LLC (Kingston) on its sale to American Healthcare REIT, Inc. (AHR), along with its operating partner Trilogy Health Services, LLC (Trilogy). This strategic acquisition deepens Trilogy’s presence across Indiana and Ohio, strengthening its mission to make lives better for residents, their families, and their communities through exceptional care and service. KBCM served as Exclusive Sell-Side Advisor to Kingston.

Kingston HealthCare Company, based in Toledo, Ohio, operates 14 senior living communities and employs over 1,800 team members. Kingston has provided high-quality senior care for nearly four decades, earning a reputation for excellence, innovation, and a deep commitment to their employees and residents.

American Healthcare REIT (NYSE: AHR) is a self-managed real estate investment trust that acquires, owns, and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on senior housing, skilled nursing facilities, outpatient medical buildings, and other healthcare-related facilities.

Trilogy Health Services, founded in 1997, is based in Louisville, Kentucky and operates more than 130 senior living communities throughout Kentucky, Indiana, Ohio, Michigan, and Wisconsin. Recognized for its outstanding clinical quality and innovative solutions, Trilogy serves more than 12,000 seniors and employs about 18,000 team members.

On December 15, 2025, KeyBanc Capital Markets (KBCM) successfully advised AtScale, the leading Universal Semantic Layer technology provider, on a significant strategic investment from Snowflake. KBCM was retained as the Exclusive Financial Advisor due to its strong capital-raising capabilities, as well as its industry-leading infrastructure software sector expertise, close relationships within the strategic ecosystem, and its ability to handle complex transactions.

AtScale enables smarter data-driven decisions by delivering a Universal Semantic Layer that unifies business logic, accelerates performance, and provides consistent metrics across BI tools and AI applications. As the pioneer of modern semantic layer technology, AtScale has helped leading enterprises turn their cloud data platforms into governed, scalable, analytics-ready environments for more than a decade. Recognized as a Leader and Fast Mover in GigaOm's 2025 Semantic Layer Radar, AtScale serves more global Fortune 500 enterprises in production than any other semantic layer provider.

Snowflake is the platform for the AI era, making it easy for enterprises to innovate faster and get more value from data. More than 12,600 customers around the globe, including hundreds of the world’s largest companies, use Snowflake’s AI Data Cloud to build, use and share data, applications and AI. With Snowflake, data and AI are transformative for everyone. Based in Bozeman, Montana, Snowflake trades on the New York Stock Exchange under the ticker SNOW.

On December 1, 2025, KeyBanc Capital Markets (KBCM) successfully advised FluentStream Corp. (FluentStream or the Company), a leading provider of enterprise-grade business phone services for small and medium-sized organizations, on its sale to Ooma, Inc. (Ooma).

Founded in 2010, FluentStream is a cloud communications provider, offering voice, text, mobile, and call-center features. Under PSG’s ownership since 2018, the Company has grown significantly through a series of acquisitions and expanded partner programs. FluentStream is headquartered in Denver, Colorado, and serves approximately 80,000 users across North America.

Founded in 2003, Ooma (NYSE: OOMA) delivers phone, messaging, video, and advanced communications services. Ooma’s offerings include Ooma Office for small to medium-sized businesses; Ooma AirDial for businesses looking to replace aging copper phone lines; Ooma 2600Hz for businesses that provide their own communications solutions built on a white-label platform; and Ooma Telo for residential consumers who value a landline experience. Ooma is headquartered in Sunnyvale, California, and serves more than 2 million users across North America.

Cain Brothers, a division of KeyBanc Capital Markets, acted as exclusive financial advisor to Blue Cross and Blue Shield of Kansas City ("KC") on its pending affiliation with Highmark, Inc ("Highmark"). 

Cain Brothers was engaged to identify an optimal partner that could help achieve efficiencies, add new capabilities, and drive more affordable health care. Through this affiliation, Blue KC will maintain its local leadership, brand, and commitment to accessible and affordable health care, while gaining access to Highmark’s scale, diversified businesses and leading technology capabilities. This affiliation further solidifies Cain Brothers’ managed care franchise and demonstrates its unparalleled experience advising BCBS plans.

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 health coverage services to more than one million residents in the greater Kansas City area, including Johnson and Wyandotte counties in Kansas and 30 counties in Northwest Missouri. Blue KC's mission: to provide affordable access to healthcare and to improve the health of its members.

An independent licensee of the Blue Cross Blue Shield Association, Highmark, Inc., together with its affiliates, collectively comprise the fifth largest overall Blue Cross Blue Shield-affiliated organization in the country with more than 7 million members in Pennsylvania, Delaware, West Virginia, and western and northeastern New York. Its diversified businesses serve group customer and individual needs across the United States through dental insurance and other related businesses.

In late November 2025, KeyBanc Capital Markets (KBCM) successfully advised Campers Inn, Inc. (Campers Inn or the Company) on its acquisition of Lazydays Holdings Inc. (Lazydays).  

KBCM was selected to serve as Campers Inn’s Exclusive Buy-Side Advisor based on its industry-leading specialty distribution practice, long history of transaction success within the recreational products industry and track record of successful M&A execution.

Campers Inn is a leading, family-owned and operated distributor of recreational vehicles and related services. Founded in 1966, the Company offers a wide selection of new and pre-owned recreational vehicles, parts, accessories and maintenance solutions to retail customers nationwide. Headquartered in Jacksonville, Florida, the Company operates more than 50 dealership locations throughout the country post-acquisition. Campers Inn maintains relationships with over 30 industry-leading OEMs to provide a diversified product portfolio to their customers.

Headquartered in Tampa, Florida, Lazydays is a leading provider of new and used recreational vehicles and service solutions throughout the United States. Founded in 1976, Lazydays has developed a strong reputation for providing premier customer experience, supported by exceptional service and unparalleled product expertise. Lazydays operates across 13 facilities nationwide, offering a full suite of solutions, including sales, service, parts & accessories, financing and maintenance, creating a one-stop-shop platform for its customers. Lazydays was formerly a publicly listed company on the Nasdaq stock exchange (GORV).

On November 25, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed the syndication of $425 million Senior Secured Credit Facilities for Jamul Indian Village Development Corporation (JIVDC), a wholly-owned enterprise of the Jamul Indian Village of California (the Tribe). The Credit Facilities are comprised of a $200 million Revolving Credit Facility and a $225 million Term Loan. Proceeds from the Credit Facilities will be used to refinance existing debt and pay related fees and expenses. 

KBCM acted as Left Lead Arranger, Joint Bookrunner and Administrative Agent on the financing and was awarded Left Lead Arranger due to its long-standing relationship with JIVDC and its expertise in debt capital markets and Native American financial services. Previously in 2023, KBCM led the financing in support of JIVDC’s construction and development of the Jamul Casino’s ~$270 million boutique hotel tower. 

About Jamul Indian Village of California
Jamul Indian Village of California, formally recognized in 1981 as a sovereign Indian nation by the United States Government, is one of the 13 bands of the Kumeyaay Nation and has approximately 75 enrolled members. The Tribe, through JIDVC, owns and operates the Jamul Casino. 

About Jamul Casino
Opened in 2016, the Jamul Casino is in Jamul, California, San Diego County, and is owned and operated by Jamul Indian Village Development Corporation. The award-winning casino features nearly 1,700 slot machines, 52 live table games, a dedicated poker room, and various restaurants, bars, and lounges. In August 2025, JIVDC welcomed guests to the official grand opening of its state-of-the-art boutique hotel tower, marking a new era in Southern California hospitality and transforming the Casino into San Diego’s premier new luxury destination. The 16-story property features 200 rooms, a premium spa with a full-service salon, a rooftop pool with sweeping mountain views, and a signature dining venue.

On November 25, 2025, KeyBanc Capital Markets (KBCM) successfully advised Warren Equity Partners (WEP) on its acquisition of American Roller Company (American Roller, or the Company). 

KBCM was selected to serve as Warren’s Buy-Side Advisor based on its industry-leading Industrial & Business Services practice, longstanding relationship with WEP, and unique insight into American Roller and its industry.

WEP is a Jacksonville, Florida-based private equity firm targeting investments in middle market companies operating primarily across infrastructure, utilities, industrial, and business services end markets. WEP is currently investing out of their $2.3 billion fifth fund and, since inception, has raised a total of $4.5 billion in capital across 34 platform investments and 179 total completed transactions.

Founded in 1938, American Roller provides design, repair, and testing services for industrial rollers. The Company designs and services products including heat transfer rollers, arco-Tron charge rollers, chrome plating, arco-flow rollers, and anti-static idler rollers for a wide range of applications within the metals, pulp & paper, power generation, marine, medical, textile, printing, and flexible packaging end markets.

On November 24, 2025, Diversified Energy Company (Diversified or the Company) closed its acquisition of Canvas Energy Inc. (Canvas) for total consideration of approximately $550 million. Diversified acquired Canvas through a corporate transaction with ~3.7 million shares issued to the seller, on-hand liquidity, and proceeds from a new ABS offering. This transaction expands Diversified's presence in Major, Kingfisher and Canadian Counties, and results in combined pro forma production of ~1.3 Bcfe/d.

KeyBanc Capital Markets served as Exclusive Buy-Side Advisor to Diversified.

Diversified (NYSE & LSE: DEC) is a leading independent energy company focused on natural gas and liquids production, transportation, marketing and well retirement, primarily located within the Appalachian and Central regions of the United States. The Appalachian Basin spans Pennsylvania, Virginia, West Virginia, Kentucky, Tennessee, and Ohio and consists of multiple productive, shallow conventional formations and two productive, deeper unconventional shale formations, the Marcellus Shale and the slightly deeper Utica Shale. Diversified also operates in the Bossier and Haynesville shale formations and the Cotton Valley sandstones in East Texas and West Louisiana, the Barnett Shale in North Texas and the Mid-Continent producing areas across Central Texas, along with the Anadarko Basin across North Texas and Oklahoma and Permian Basin in West Texas and New Mexico.

Canvas is a private E&P, backed by Amzak Capital Management (Amzak), Avenue Capital Group (Avenue), and Millstreet Capital Management (Millstreet). Canvas engages in the exploration and production of oil and gas, primarily in the Anadarko Basin. 

Headquartered in Boca Raton, Florida, Amzak is a diversified investment manager focused on private equity, real estate, fixed income, and industrial businesses. Headquartered in New York, New York, Avenue is a global investment firm focused on specialty lending, opportunistic credit, and other special situations investments across the United States, Europe and Asia. Headquartered in Boston, Massachusetts, Millstreet is a SEC-registered investment adviser pursuing return streams uncorrelated with traditional asset classes.

On November 21, 2025, KeyBanc Capital Markets (KBCM) successfully advised SeaWestern Holdings, Inc. (SeaWestern or the Company), a portfolio company of Traction Capital Partners (Traction), on its sale to Municipal Emergency Services, LLC (MES), a portfolio company of Platte River Equity L.P. (Platte River). KBCM was selected to serve as SeaWestern’s Exclusive Sell-Side Advisor based on its industry-leading Specialty Distribution investment banking practice, experience in the fire and safety distribution industry, longstanding relationship with the Company and proven M&A execution capabilities.

Founded in 1977 and headquartered in Kirkland, Washington, SeaWestern is a leading distributor of critical fire and life safety solutions in the Western United States. SeaWestern provides best-in-class turnout gear, self-contained breathing apparatuses (SCBAs), compressors, personal protective equipment and emergency vehicle apparatuses. The Company’s footprint spans across 11 states, serving over 2,000 fire stations with distribution rights granted by industry-leading OEM partnerships.

Headquartered in Tacoma, Washington, Traction is a lower middle-market independent sponsor investing in businesses headquartered in the Western United States. The firm focuses on long-term investments while preserving the legacy of the prior owner's business.

Headquartered in Miami, Florida, MES is a leading equipment supplier and service provider to first responders throughout North America. MES’s workforce includes over 300 sales reps and service technicians, covering the United States and Canada from 41 locations.

Headquartered in Denver, Colorado, Platte River Equity is a leading middle-market private equity firm with over $1.7 billion of assets under management. The firm focuses on investing in middle market companies in the United States that possess scalable business models with protected market positions and strong customer relationships.

On November 18, 2025, KeyBank Specialty Finance Lending (KBSFL) closed a new $100MM senior secured revolving credit facility with Lendistry Core SPV II, LLC as the borrower. The facility is secured by a portfolio of small business loans originated by Lendistry. Individual loans within the portfolio range from $10,000 to $500,000 and span a diverse set of industry sectors. The structure includes a revolving period, followed by an amortization term. Lendistry Core SPV II, LLC is a bankruptcy remote wholly owned special purpose entity owned by B.S.D. Capital, Inc. dba Lendistry. KeyBank Specialty Finance Lending served as Administrative Agent and Sole Lender.

Lendistry Overview
Lendistry, also known as B.S.D. Capital, is a small business lender founded in 2015 by Everett Sands. Over the past decade, the company has originated more than $5 billion in loans through multiple lending channels. Lendistry has grown into a significant player in the small business lending space by partnering with 15 states to deliver financing through various federal and state economic programs. The company plans to expand its state-level partnerships to more than 40 states by 2026. Lendistry also serves as the servicer for most of its originated loans and generates additional fee income by facilitating loans and grant funding available through government programs.

On November 12, 2025, KeyBanc Capital Markets served as Joint Lead Arranger, Joint Bookrunner and Co-Documentation Agent on a $1.7 billion Senior Secured Credit Facility for Harvest Midstream I, L.P., consisting of a $1.1 billion Senior Secured Revolving Credit Facility and a $600 million Term Loan A. Proceeds will be used to fund the acquisition of Green River Basin assets and Uinta Basin assets from MPLX LP and for general corporate purposes.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Retina-Vitreous Associates Medical Group (“LA Retina”) on its strategic affiliation with Retina Consultants of America (“RCA”), a leading management services organization of retina specialists. Financial terms were not disclosed.

Cain Brothers was engaged to serve as LA Retina’s exclusive financial advisor due to its extensive history of advising physician practices, expertise in ophthalmology and retina, and deep relationships with the relevant buyers. Cain Brothers conducted a competitive marketing process to identify the right partner for LA Retina. This transaction continues Cain Brothers’ strong record in the multi-site physician services sector and is the eighth retina specialty practice Cain Brothers has represented since 2020.

Founded in 1977, LA Retina provides comprehensive medical and surgical care for retinal, macular, and vitreous conditions across Southern California. The practice also offers advanced diagnostic imaging, intravitreal injections, laser treatments, and access to clinical research trials for patients with complex eye diseases. LA Retina’s 11 board-certified and fellowship-trained ophthalmologists take an individualized approach to care that enables patients to receive personalized treatment plans focused on preserving and restoring vision.

RCA is a network of leading retina specialists with the mission of saving sight and improving patient lives through innovation and the highest quality care. Through RCA’s physician-centered practice management model, physicians continue to drive clinical care and practice culture, while benefitting from the business expertise, resources, and shared best practices available through RCA. Physicians across the RCA network conduct more than 2 million visits annually, delivering high-quality care to patients in 23 states. For more information about RCA and its network of practices, please visit www.retinaconsultantsofamerica.com. 

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Tenor Health Foundation in its pending acquisition of three hospitals from affiliates of Community Health Systems, Inc. (NYSE: CYH). Cain Brothers was also engaged to arrange debt financing associated with the transaction.

Tenor Health entered into a definitive agreement to acquire 186-bed Regional Hospital of Scranton and 122-bed Moses Taylor Hospital in Scranton, Pennsylvania and 369-bed Wilkes-Barre General Hospital in Wilkes-Barre, Pennsylvania from Commonwealth Health, a subsidiary of Community Health Systems. Rosemawr Management is providing the acquisition financing.

The transaction is subject to customary regulatory approvals and closing conditions and is expected to close in the fourth quarter of 2025. Terms are not being disclosed.

With a mission rooted in advancing equitable and innovative care, Tenor Health Foundation was formed to identify, own, manage, and turn around financially challenged hospitals. They are committed to the needs of a community, providing compassionate care, and delivery quality patient outcomes.

Community Health Systems owns or leases 70 affiliated hospitals in 14 states, with more than 10,000 beds, and operates more than 1,000 sites of care, including physician practices, urgent care centers, freestanding emergency departments, occupational medicine clinics, imaging centers, cancer centers and ambulatory surgery centers. CHS reported consolidated revenues of $12.6 billion for the last 12 months ending 9/30/2025.

On October 28, 2025, KeyBanc Capital Markets (KBCM) successfully advised ACME Technologies, Inc. (ACME or the Company), on its sale to Peek Travel, Inc. (Peek). KBCM was engaged as the Exclusive Sell-Side Advisor due to its industry-leading sector expertise in ticketing and track record with vertical software and payments business models.

ACME empowers non-profit institutions with its best-in-class visitor experience software via a cloud-based enterprise-grade platform, enabling seamless ticketing and embedded payments offerings for guests. The Company has over a decade of experience providing a breadth of offerings ranging from online ticketing, membership, donation, and payment solutions for the largest Arts and Culture institutions in the US and Canada. ACME has sold 220+ million tickets and memberships, and served 60M+ visitors since its founding in 2014.

Peek is the operating system powering the experiences industry—from museums and attractions to tours and activities. With over $7B in bookings, Peek’s AI-powered platform has helped thousands of merchants to increase revenues, save time and deliver seamless guest experiences. Customers include MoMA, Whitney Museum, Seattle Aquarium, Bryant Park, Looping Group, and Museum of Ice Cream. The company has raised over $150 million from institutional investors including Springcoast Partners, WestCap and Goldman Sachs Alternatives.

On October 23, 2025, KeyBanc Capital Markets served as Co-Documentation Agent on a $500 million Senior Unsecured Revolving Credit Facility for Texas Pacific Land Corporation. Proceeds will be used for general corporate purposes.

The transaction includes an undisclosed amount, non-recourse, first mortgage loan secured by a 288-unit, garden-style apartment complex known as Chisholm Trace Apartments, located in Cleburne, Texas. Built in 2021, Chisholm Trace Apartments consists of 12 three-story apartment buildings and a one-story clubhouse/office, situated on a 13.16-acre site. The proposed loan will be used to refinance the existing debt of the property. The loan is structured with a five-year term, and, subsequent to a three-year interest-only period, amortizes on a 35-year schedule.

The transaction includes a $16.5 million ($100,425/unit) non-recourse, first mortgage loan secured by a 170-unit, garden-style student housing community known as Heritage Apartments, located in Spartanburg, South Carolina. Built in 2020, the property consists of seven one- to four-story buildings, situated on 14.16 acres of land. The proposed loan will be used for acquisition of the property. The loan is structured with a five-year term, and, subsequent to a five-year interest-only period, amortizes on a 30-year schedule.

On October 14, 2025, KeyBanc Capital Markets Inc. (KBCM) closed $75 million in Senior Secured Credit Facilities for Lightshift Energy’s battery energy storage systems (BESS) portfolio of six operating and 10 construction-ready projects. This financing, which includes a term loan, construction-to-term loan, and tax equity bridge loan, will help strengthen and accelerate Lightshift’s rapidly growing pipeline of energy storage projects across the East Coast.

The portfolio includes 16 battery energy storage projects, totaling 88 MW and 384 MWh in capacity, with installations located in Massachusetts (27 MW), Vermont (19 MW), and Virginia (42 MW). These construction-ready projects are expected to reach commercial operation during the second half of 2026. Revenue will be generated through energy storage service agreements with public power utilities and an industrial client.

This marks the second transaction in 2025 with Lightshift Energy. Earlier in June, KeyBanc Capital Markets served as exclusive financial advisor for Lightshift’s development capital raise from Aiga Capital Partners. 

About Lightshift Energy
Lightshift is a utility-scale energy storage project developer, owner and operator headquartered in Arlington, Virginia. Founded in 2019, Lightshift is developing a diverse, multi-gigawatt pipeline of energy storage projects, located throughout the U.S. With leading energy storage analytics, application design, finance, and development expertise, Lightshift deploys dynamic, multi-use energy storage projects that maximize value for utilities and other partners, while reinvesting directly into the communities where their projects are located.

On October 3, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed the syndication of $300 million Senior Secured Credit Facilities for WarHorse Gaming, LLC, wholly owned by the Winnebago Tribe of Nebraska’s award-winning economic development corporation, Ho-Chunk, Inc. The financing included a $250 million Term Loan A and a $50 million Revolving Credit Facility. Proceeds will be used to refinance existing indebtedness, fund working capital and capital expenditures, and general corporate purposes.

KBCM was selected to serve as Joint Lead Arranger on the transaction due to our successful track record of executing syndicated transactions and industry expertise in the debt capital markets.

About WarHorse Gaming, LLC
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.

About Ho-Chunk, Inc.
Ho-Chunk, Inc. (“Ho-Chunk”) 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 Winnebago Tribe of Nebraska
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 October 3, 2025, KeyBanc Capital Markets (KBCM) successfully advised Avance Investment Management, LLC (Avance or the Company) on its acquisition of Barchemy, LLC (Barchemy), a developer and manufacturer of chocolate and confectionery ingredients. KBCM was engaged to serve as the Exclusive Buy-Side Advisor to Avance based on our long-standing relationship with the Company and Barchemy, deep Food & Beverage domain expertise and relevant M&A execution experience.

Avance is a private equity firm with offices in New York and Miami, focused on building middle market businesses in partnership with talented founders and management teams. Avance makes thematic investments within the Consumer, Services and Technology sectors in the U.S., seeking attractive opportunities with catalysts for growth within fragmented spaces with consolidation opportunities. The Company has a long history of partnering with founder-owned businesses, industry executives and management teams to add value.

Founded in 2005, Barchemy is an innovative manufacturer of high-quality, better-for-you chocolate and confectionary ingredients for the nutritional bar, bakery, confectionary and ice cream industries. Barchemy specializes in custom-formulated solutions across several applications and formats, offering an assortment of ~300 coatings, filings and inclusions. Barchemy is headquartered near Pittsburgh, Pennsylvania where it operates ~110K sq. ft. of manufacturing space across three facilities.

Cain Brothers, a division of KeyBanc Capital Markets, is serving as the exclusive advisor to CommonSpirit Health in its sale of Trinity Health System. CommonSpirit and University of Pittsburgh Medical Center have publicly announced the signing of a non-binding letter of intent to integrate Trinity into the UPMC system.

Cain Brothers was engaged based on our expertise in the hospital and health system sector and strong understanding of the local market.  Cain Brothers engaged with parties interested in continuing Trinity’s mission, leading to a letter of intent with UPMC. Over the next several months, both parties will work towards a definitive agreement, pending customary regulatory review and approvals.

CommonSpirit Health is one of the nation’s largest nonprofit Catholic health systems, delivering over 20 million patient encounters annually across 138 hospital-based locations and 2,300 care sites. Serving 24 states, CommonSpirit Health employs 160,000 team members, including 45,000 nurses and 25,000 physicians.

Trinity Health System, based in Steubenville, Ohio, is a member of CommonSpirit. With a full network of hospitals, physician practices, and specialty services across the Ohio Valley, Trinity Health System is committed to improving community health with excellence and faith-driven service.

UPMC is a leading nonprofit health care provider and insurer headquartered in Pittsburgh. With 100,000 employees and 5,000 physicians, UPMC operates 40 hospitals and 800 outpatient sites across Pennsylvania, New York, Maryland, and overseas. UPMC’s insurance services cover more than 4 million members. UPMC invests nearly $2 billion annually in community benefits, the most of any health system in Pennsylvania.

The transaction includes a $112.38 million ($155,228/unit) non-recourse, first mortgage loan secured by a 724-unit, garden-style apartment complex known as Aspire Pinnacle Peak, located in Phoenix, Arizona. Built in 2009, the property consists of three-story residential buildings, situated on 29.48 acres of land. The proposed loan will be used to refinance the property. The loan is structured with a 10-year term and amortizes on a 35-year schedule.

The transaction includes a $86.1 million ($281,382.35/unit) non-recourse, first mortgage loan secured by a 306-unit, garden-style, and partially affordable apartment complex known as Willows at Ventura, located in Ventura, California. Built in 2024, the property consists of 13 two-, three-, and four-story apartment buildings, situated on 8.03 acres of land. The proposed loan will be used to refinance existing debt on the property. The loan is structured with a seven-year term, and, subsequent to a three-year interest-only period, amortizes on a 35-year schedule. This loan was closed under Freddie Mac’s new Lease-Up program.

KeyBank Community Development Lending & Investment provided $71.2 million in capital for new construction of The Heights, a 160-unit affordable housing project in Akron, Ohio. All 160 units will serve families and individuals earning no more than 40%-70% of Area Median Income (AMI). The property will feature amenities for residents that will include a clubhouse and picnic area, fitness center, and a playground. We want to thank DFP Development LLC and Industrial Realty Group LLC for their sponsorship and shared mission to build much-needed affordable housing in Ohio.

The financing includes a $30.1 million construction loan, $26.2 million in LIHTC equity, $15.4 million permanent loan arranged by Key Commercial Mortgage Group, and $25 million public sale of tax-exempt private activity bonds arranged by KeyBank Capital Markets.

KeyBank Community Development Lending & Investment provided $5.8 million in capital for the new construction of Brynhill Apartments, a 59-unit affordable housing project in North Plains, Oregon. All 59 units will serve families and individuals earning no more than 30%-60% of Area Median Income (AMI). Supportive services will be offered to residents by Centro Cultural, a community-based and culturally specific organization serving the Latinx community in Washington Counties. CC provides multigenerational and culturally specific services through the following core program areas: K-12 STEAM education, workforce development, small business technical assistance, public engagement, civic advocacy, community health and wellness, transitional housing, and community-wide arts and cultural events. We want to thank Home First Development Green Light Investments for their sponsorship and shared mission to build much-needed affordable housing in Oregon.

The financing includes a $3.3 million construction loan and a $2.5 million permanent loan.

KeyBank Community Development Lending & Investment provided $12.8 million in capital for the new construction of Artem on Gay, a 71-unit affordable housing project in Columbus, Ohio. All 71 units will serve families and individuals earning no more than 30%-80% of Area Median Income (AMI). The property will feature amenities for residents including a community room and a fitness center. We want to thank the Ohio Community Development Finance Fund for their sponsorship and shared mission to build much-needed affordable housing in Ohio.

The financing includes a $8.3 million construction loan and a $4.5 million permanent loan.

The transaction includes a $21.47 million (116,696/unit) non-recourse, first mortgage loan secured by a 184-unit apartment complex known as Schooner Cove III, located in Ypsilanti, Michigan. Built in 1995 and renovated in 2018, the property consists of 13 three-story residential buildings, situated on 21.19 acres of land. The loan is structured with a 15-year term, and, subsequent to a 120-year interest-only period, amortizes on a 360-year schedule.