Commercial Banking

The transaction includes a $33,094,000 ($110,313/unit) non-recourse, first mortgage loan secured by a 300-unit garden-style apartment complex, known as Pointe Grand Spartanburg,in Spartanburg, South Carolina. Built in 2022, the property comprises ten, three-story apartment buildings situated on 16.87 acres. The property consists of 536 open parking spaces. 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 two-year interest-only period, amortizes on a 35-year schedule.

The transaction includes a $36,892,000 ($122,973/unit) non-recourse, first mortgage loan secured by a 300-unit garden-style apartment complex, known as Pointe Grand Augusta, in Augusta, Georgia. Built in 2022, the property consists of nine, three-story apartment buildings, one single-story clubhouse, one single-story amenity building, and seven single-story detached garage buildings. The property is situated on a 21.95-acre site. The proposed loan will be used to refinance the existing debt of the property. The loan is structured with a five-year interest-only term.

On April 26, 2024, KeyBanc Capital Markets Inc. (KBCM) successfully closed on the syndication of a new $240 million Senior Secured Revolving Credit Facility for Catawba Nation Gaming Authority (CNGA), a tribal instrumentality of the Catawba Indian Nation. CNGA owns and operates Catawba Two Kings Casino in Kings Mountain, North Carolina. Proceeds from the Credit Facility will be used to finance the expansion of table games and for general corporate purposes.

About Catawba Indian Nation
Catawba Indian Nation is composed of ~3,300 enrolled members and is the only federally recognized tribe in South Carolina. The 700-acre Catawba reservation is along the bank of the Catawba River.

About Catawba Nation Gaming Authority
CNGA is the owner and operator of Catawba Two Kings Casino, which is located on tribal land in Kings Mountain, North Carolina, just over the South Carolina border. The initial 500-slot temporary facility opened in July 2021 and was built using 29 prefabricated modular trailers on a 17-acre site. An expansion of that facility with 500 additional machines opened in December 2021.

The transaction includes a $43,061,000 ($241,916/unit) non-recourse, first mortgage loan secured by a 178-unit, mid-rise apartment complex known as Broadstone Claro in Vancouver, Washington. Built in 2023, the property is composed of a seven-story apartment building situated on an 0.897-acre tract of land. The subject includes 20% affordable units (36 units) under an affordable housing program at 100% of the area median income rents. The proposed loan will be used to refinance the existing debt. The loan is structured with a seven-year term, and subsequent to a three-year interest-only period, amortizes on a 420-month schedule.

On February 8, 2024, KeyBanc Capital Markets Inc. (KBCM) successfully closed the syndication of a $440.0 million Senior Secured Revolving Credit Facility (the “Revolver”) for Turning Stone Resort Casino, LLC (“TSRC” or the “Company”), a governmental instrumentality of the Oneida Indian Nation (“Oneida” or the “Nation”). In combination with $100 million of Oneida equity, proceeds of the Revolver will be used to refinance existing indebtedness, fund a major expansion at Turning Stone Resort Casino, and finance other capital investments and working capital. KBCM acted as Left Lead Arranger, Joint Bookrunner, and Administrative Agent on the transaction.

This financing marks the fourth syndication completed for TSRC since 2016. KBCM was selected to serve as Left Lead Arranger given our long-standing relationship with the Nation, KBCM’s robust Debt Capital Markets platform, and industry expertise within Native American Financial Services.

About the Oneida Indian Nation
The Oneida Indian Nation, a federally recognized sovereign Indian Nation in Upstate New York, occupies a ~300,000-acre reservation in Oneida and Madison Counties. The Oneida Indian Nation has established itself as a cultural leader within Indian Country and across the United States, as well as an economic engine for Upstate New York. Turning Stone Enterprises, the parent organization for the Nation’s business operations, is among the region’s largest employers and includes a diverse portfolio of enterprises that span casinos, restaurants, hotels, spas, golf courses, convenience stores, and more.

Turning Stone Resort Casino
Turning Stone Resort Casino is the most award-winning destination resort in Upstate New York and the region’s largest tourist destination. The resort’s world-class amenities include five hotels, two spas, five golf courses, more than 20 dining options, Las Vegas-style gaming, the TS Sports sports book, the Exit 33 nightlife complex, and spacious event facilities that include a high-tech conference center, an intimate concert venue and a 5,000-seat arena. Turning Stone regularly welcomes the biggest names in entertainment and sports, and its amenities have been recognized repeatedly by leading industry authorities and with prestigious awards that include the Forbes Four-Star Award, AAA Four Diamond Award, Condé Nast Johansens Awards for Excellence, and more.

KeyBank successfully onboarded full treasury solutions for Paynela, LLC ("Paynela"). KeyBank provides Paynela with a full suite of depository and treasury services, including API connectivity.

Paynela is an affordability solutions platform that facilitates various product programs for pharmaceutical companies to ensure financial assistance is delivered to patients and providers. The company is committed to making care more accessible through innovative payment solutions. Providing seamless, secure, and affordable payment solutions helps ensure patients have access to medications they need.

KeyBank successfully closed a Senior Secured Credit Facility for J.J. Barney Construction, Inc. (“JJB”). Proceeds from the facility were used to refinance existing debt, which will provide additional capital to support the overall growth and working capital needs of the company. In addition, KeyBank provides JJB with a full suite of depository and treasury services. KeyBank acted as Sole Lender on the transaction.

J.J. Barney Construction, Inc., founded in 1927, is a fourth-generation, family-owned and operated union construction company specializing in concrete placement, earthwork, and underground utilities. The JJB family includes a multitalented team of professionals who have worked with many of the nation’s leading civil, commercial, and industrial owners and general contractors.

In June 2023, KeyBanc Capital Markets (KBCM) successfully closed the $85 million Senior Secured Revolving Credit Facility for Port Madison Enterprises. KBCM was selected as Sole Lender on the transaction.

About the Suquamish Tribe
The Suquamish Tribe is a federally recognized Native American Tribe on the Port Madison Indian Reservation with approximately 900 enrolled Tribal Members. Originally covering 7,657 acres on the Kitsap Peninsula, the reservation was set aside for the Tribe as part of the Point Elliot Treaty in 1855 and was expanded by an Executive Order in October 1864. The Tribe is led by a seven-member Tribal Council and the Tribal government provides for the health, safety, and welfare of their citizens.

About Port Madison Enterprises
Port Madison Enterprises (“PME”) is a wholly owned agency of the Suquamish Tribe focused on economic development. PME is one of the largest employers in Kitsap County with more than 750 employees across its enterprises. PME operates the Clearwater Casino Resort, Kiana Lodge, White Horse Golf Course, Port Madison Construction Company, Port Madison Enterprises Construction Company, and Suquamish Evergreen Corporation.

KeyBank successfully closed a Senior Secured Credit Facility for Terra Nova Trading, Inc. ("Terra Nova"). Proceeds from the facility were used to refinance existing debt that will provide additional capital to support the overall growth and working capital needs of the company. In addition, KeyBank provides Terra Nova with a full suite of depository and treasury services. KeyBank acted as Sole Lender on the transaction.

Terra Nova Trading, Inc. began in California in 1992, wanting to provide global market knowledge directly at the main origin of almonds. As the nut industry grew rapidly around the globe, the company expanded their item catalog to include walnuts, pistachios, and cashews. Terra Nova works closely with clients around the world to understand the entire workings of the global nut market and supply chain. It is the company’s goal to provide their customers with firsthand knowledge, and do all that is expected as the customer’s buyer or seller and to be there whenever needed.

On March 29, 2023, KeyBanc Capital Markets Inc. (KBCM) successfully closed the syndication of $515 million of Senior Secured Credit Facilities (the Credit Facilities) for Jamul Indian Village Development Corporation, a wholly owned enterprise of the Jamul Indian Village of California (the Tribe).

The Credit Facilities consist of a $5.0 million Revolving Credit Facility, a $320 million Term Loan and a $190 million Delayed Draw Term Loan. Proceeds from the Credit Facilities will be used to refinance existing debt, fund hotel construction, and pay transaction-related fees and expenses.

About the Tribe:
The Tribe, 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 $430.0 million, award-winning casino features nearly 1,700 slot machines, 46 live table games, a dedicated poker room, and various restaurants, bars and lounges. JIVDC is also in the process of adding to its property by developing a new 4-diamond hotel, featuring 200 rooms, a rooftop pool and jacuzzi, spa and fitness center, restaurant and lobby bar, and a banquet room.

In March 2023, KeyBank successfully provided financing for leasehold improvements and equipment to Columbus Oncology Associates, Inc. for the buildout and opening of their new Cancer Center on the Westerville campus of OhioHealth. The expansion of care through this new location will provide a new level of cancer care for the Westerville, Ohio, community, including infusion, support services, imaging, clinical office space, and lab services. This is a continued collaboration between OhioHealth and Columbus Oncology and Hematology. KeyBank acted as Sole Lender on the transaction.

Trusted for over 30 years, Columbus Oncology Associates, Inc. is an accessible, friendly, and attentive cancer clinic. The clinic's practice specializes in every type of cancer and hematology diagnosis; so when meeting with an oncologist, a patient can feel confident they are starting a treatment plan with a professional who has years of experience.

In November 2022, KeyBanc Capital Markets (KBCM) successfully closed $38 million in Senior Secured Credit Facilities composed of a $20 million, five-year Gaming Revolving Line of Credit, a $10 million, five-year Gaming Term Loan, and a an $8 million, five-year Government Term Loan for the Confederated Tribes of the Chehalis Reservation and the Lucky Eagle Casino & Hotel. KeyBanc Capital Markets was selected as Sole Lender on the transaction.

About The Confederated Tribes of the Chehalis Reservation
The Confederated Tribes of the Chehalis Reservation is a federally recognized Native American Tribe in southwest Washington on the border of Grays Harbor and Thurston County. Governed by a five-member Business Committee, the Chehalis Tribal government provides for the health, safety, and well-being of their more than 1,000 enrolled Tribal Members.

The Chehalis Tribe has created a diverse economic development program including gaming, hotels, convenience stores, and restaurants. The Tribe owns and operates Lucky Eagle Casino, Eagle’s Landing Hotel, the Great Wolf Lodge Resort and Talking Cedar Brewing, three convenience stores, a fast-food restaurant, and construction companies. The tribe employs more than 1,500 people in Grays Harbor and Thurston County.