Leveraged Finance

On May 15, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed on three facilities totaling $1.3 billion of Senior Secured Credit Facilities (the Facilities) for Doral Renewables’ Mammoth South and Central projects (Portfolio).

The Facilities comprise a $412 million Construction-to-Term Loan, $624 million in Tax Equity and Tax Credit Bridge Loans, and $259 million in Letters of Credit. This transaction will help fund construction of the 1.1 GW Portfolio and serves as the takeout to the KBCM-led bridge financing that closed in August 2024. KBCM acted as Coordinating Lead Arranger, Sole Bookrunner, Administrative Agent, Collateral Agent, and Depositary Agent.

The project is in Pulaski County, Indiana, and along with its sister project, Mammoth North, will form the largest standalone solar portfolio in the U.S. The project includes three utility-scale solar projects: Mammoth South, Mammoth Central I, and Mammoth Central II, totaling 1,128 MWdc. All three have long-term investment grade rated power purchase agreements and are expected to be operational by December 2026. Once operational, the Mammoth Solar portfolio will have a capacity of 1.3 GW and power approximately 275,000 households annually.

This represents the third transaction between Doral Renewables and KBCM.

Doral Renewables Overview
Headquartered in Philadelphia, Pennsylvania, Doral Renewables is a developer, owner, and operator of utility-scale solar, co-located solar and storage, and standalone storage projects across North America. The Company’s solar and storage development portfolio totals over 18 GW, including 400 MW in operation and 950 MW under construction. The Company operates in 22 states across seven electricity markets and has over $2.5 billion in long-term wholesale power purchase agreements with U.S. customers.

Doral Renewables has global leadership and investments from the Doral Group (TASE: DORL.TA), Migdal Group, and Clean Air Generation, with further financial backing from Apollo Global Management (NYSE: APO), a leading global asset manager. In June 2024, Doral Renewables announced a $400 million minority equity investment on behalf of the largest Dutch pension fund, APG, which looks after the pensions of 4.6 million participants and manages approximately €544 billion in pension assets.

KeyBanc Capital Markets served as Joint Lead Arranger on the successful close of $770 million Senior Secured Credit Facilities in relation to a hospital real estate portfolio recapitalization. 

A joint venture between Medical Properties Trust and Blue Owl Real Estate recapitalized its Utah hospital portfolio — a five-asset, 692-bed hospital portfolio located in Utah. The hospitals are leased by Catholic Health Initiatives (CHI), a subsidiary of CommonSpirit Health and a member of its obligated group under the Master Trust Indenture governing its bonds. The triple net master lease terms include annual rental increases with the backing of CommonSpirit’s obligated group. The portfolio is situated in a high-value healthcare market and is expected to see continued growth.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Welsh, Carson, Anderson & Stowe in its strategic growth investment in Constitution Surgery Alliance.

Cain Brothers was engaged as buy-side advisor to assist with transaction and process dynamics, M&A landscaping, and related industry research based on our strong knowledge of CSA as well as deep experience in the ambulatory surgery and health system sectors.

CSA is a leading independent developer and operator of outpatient surgery centers in partnership with health systems and surgeons. Its surgery centers complete more than 100,000 cases each year and have won the prestigious LeapFrog “Top ASC” award nine times. For more information about Constitution Surgery Alliance or its award-winning ASCs, please visit www.CSAsurgery.com.

WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm’s strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives, and strategic acquisitions. The firm has raised and managed funds totaling over $33 billion of committed capital. For more information, please visit www.wcas.com. 

KeyBank Community Development Lending and Investment (CDLI) provided a $58 million construction loan to finance the new construction of an affordable multifamily housing property in Palmdale, California, within Los Angeles County.

Maison’s Village II will include 66 single family lots totaling 191 units. There will be 64 one-bedroom units, 46 two-bedroom units, 57 three-bedroom units, and 22 four-bedroom units available to families earning at or below 30%, 50%, 60%, and 70% of area median income (AMI). Each site will include a garage, with additional on-street parking, and amenities such as a pool, recreation building, and an on-site management office. The project is nearly identical to Maison’s Village I, an adjacent housing development, which KeyBank provided construction financing for in 2022.

The sponsor and developer, Ravello Holdings, is a Southern California-based real estate development firm with decades of experience in affordable multifamily projects. Maison’s Village II received additional funding in the form of a $30 million permanent loan and $1.6 million soft financing from the California Housing Finance Agency (CalHFA) and $36.8 million in low-income housing tax credit equity (LIHTC) from WNC & Associates.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to the County of Santa Clara in the acquisition of Regional Medical Center from HCA Healthcare (NYSE: HCA).

On April 1, 2025, Santa Clara County completed the acquisition of Regional Medical Center from HCA Healthcare, integrating RMC into the County of Santa Clara Health System. The acquisition strengthens its commitment to the health and well-being of all communities in Santa Clara County.

Regional Medical Center is a premier healthcare facility known for providing comprehensive medical services, including emergency care, specialized treatments, and advanced surgical procedures. With this acquisition, RMC will expand important clinical programs and services, including trauma, stroke, obstetrics, and advanced cardiac services to patients living in East San Jose.

Santa Clara operates one of California’s most robust public healthcare systems, dedicated to serving the diverse needs of its communities. With a longstanding commitment to accessible healthcare for all residents, the county oversees the Santa Clara Health System, which includes hospitals, clinics, and specialty care services.

HCA Healthcare, a Fortune 500 company, is one of the nation’s leading healthcare providers, operating a vast network of hospitals and medical facilities across the United States.

The transaction includes a $8,137,500 ($59,835/unit) non-recourse, first mortgage loan secured by a Class B, 136-unit garden style apartment community, known as Parkwyn Townhomes, located in North Richland Hills, Texas. Built in 1984, the property comprises eight two-story residential buildings and one clubhouse, situated on 4.82 acres. Parkwyn Townhomes is currently operating as a traditional market-rate apartment building. Upon loan closing, the property will enter the Pecos County Housing Finance Corporation (HFC) ownership structure where the title will be transferred to the HFC and the property will be ground-leased to the borrower. The borrower will become the leasehold estate owner which will qualify for a 100% real estate tax exemption, so long as 90% of units are set aside for occupancy by residents with annual incomes of 140% of the Area Median Income (AMI), including 50% of the units by residents with annual incomes of 80% of the AMI. The loan, co-originated by KeyBank and Argentic on a 35/65 split and structured with a 5-year interest only term, will be used to refinance the existing debt on the property.

On April 24, 2025, KeyBanc Capital Markets Inc. (KBCM) successfully closed $184 million of Senior Secured Credit Facilities for Clearway Energy Group’s (CEG) Tuolumne utility-scale wind project in Klickitat County, Washington. The facilities are comprised of $162 million in Term Loan, $14 million Debt Service Reserve LC, $7 million in PPA LC, and $1 million in BSA LC. Proceeds will fund the project’s operations post-acquisition. KBCM acted as Joint Lead Arranger, Administrative Agent, and Collateral Agent. 

Tuolumne is a 137 MW utility-scale wind project in the WECC – PNW power market, previously owned and operated by Turlock Irrigation District. Clearway has acquired Tuolumne, and the project will continue to generate revenue via a 15-year power purchase agreement with its original owner, Turlock Irrigation District. 

This represents the twentieth transaction between CEG and KBCM.

About Clearway Energy Group:
CEG was founded in 2012 and is headquartered in Princeton, New Jersey. It is a full-scope Development & Operations platform with over 11.8 GW of wind, solar, and energy storage assets in operation. In 2022, TotalEnergies acquired 50% of CEG from Global Infrastructure Partners. As of April 2025, CEG has an extensive pipeline of 30 GW of solar, wind and storage projects in both regulated and deregulated regions. The company is also committed to grid reliability with over 10 GW of paired and standalone storage in development. CEG’s management team has over 1,000 employees with operating solar and wind projects in 35 states.

KeyBank provided $750 million in financing for a portfolio of 11 luxury seniors housing properties located in Arizona, California, Oregon, and Georgia. The Senior Housing Realty Trust portfolio is owned by Senior Resource Group (SRG), Public Service Pension Investment Board (PSP), and Welltower (collectively the Sponsor). The proceeds were used for the refinancing of these stabilized properties, utilizing an interest only, 6-year term loan with a national Life Company. Balancing timing and the Sponsor’s debt strategy, Key leaned in on their experience in seniors housing and strong relationship with the lender to close the loan in less than 45 days after the term sheet was executed.