Greystone has arranged a $33.7 million debt placement to refinance a portfolio of seniors communities in the Pacific Northwest. The transaction was sourced by David Young, a Managing Director at Greystone on behalf of a regional owner of affordable-focused senior housing communities.

There were four properties total across two states. Each community has a specific Medicaid contract with the state serving assisted living and memory care residents. The financing was provided by a debt fund meeting the borrower’s expectations on proceeds.

“With recent Medicaid rate increases and capital expenditures completed on the communities, we were seeking to maximize proceeds for this debt request. We sourced a fitting lender after an extensive process working with banks, credit unions and unlevered, A/B tranched, and back-levered debt funds,” said Young.

The Metra board of directors approved a $33.4 million contract to rehabilitate and expand the 95th St./Chicago State University Station on the Metra Electric Line. The project will help improve the station’s accessibility and connection to the university.

“We are prioritizing improvement on the Metra Electric Line to make them accessible to persons with disabilities,” said Metra Executive Director/CEO Jim Derwinski. “At the same time, this is an opportunity to grow our relationship with Chicago State University and build a station that is a gateway between the school and our system.”

The contract, awarded to John Burns Construction, includes the replacement of the existing headhouse, platform and stairs, a new street-level entrance on 95th St. with a new storefront, an enclosed entrance area, and a new elevator. The project will also involve the construction of a new platform with a full-length canopy, a new CSU campus headhouse, and a walkway and bike lane to a new commuter parking lot. The work is expected to start later this summer and take about 40 months to complete.

StandardAero, an aircraft maintenance company, plans to expand its operation at Augusta Business Aviation’s MRO (maintenance, repair, overhaul) facility. The company recently began work on a $33 million upgrade that will create 90 new jobs.

Operating in Augusta since 1974, StandardAero currently supports more than 170 jobs in the area. The facility annually processes approximately 425 aircraft and 500 turbine aircraft engines for MRO service.

StandardAero will construct a new hangar and engine shop at 1150 Hangar Road adjacent to the Augusta Regional Airport. The expansion will add 80,500 square feet to the company’s footprint in Augusta.

StandardAero’s Chris Bodine added, “The new facility will add over 60 percent of new space to our existing footprint. The current facility was built in the 1970s, when aircraft were a lot smaller.” The expansion will allow the company to work on larger Dassault Falcon, Gulfstream, and Bombardier aircraft.

Rise: A Real Estate Company has received a $33 million mezzanine loan for a 308-unit age-restricted community on Jacksonville’s Southside. The developer of Rise Glen Kernan Park has also taken out a $61.45 million mortgage on the project, which will include 24,000 square feet of retail, a 174-room Embassy Suites hotel and a four-story memory care and assisted living center.

Pearlmark provided the mezz loan, Benefit Street Partners provided the mortgage.

The $95.9 million project is on a 30-acre site near Mayo Clinic Florida and the St. Johns Town Center, near the entrance to the Glen Kernan neighborhood.

Designed by architect Niles Bolton Associates, the project will include 72 cottages and 236 other apartment units. RISE Glen Kernan Park will offer an amenity package that includes a clubhouse, fitness center, yoga and group fitness space, media lounge, pool, pickleball courts, dog park and an event space.