A high-rise project that aims to capture demand from seniors looking to live in walkable, urban areas has landed a major construction loan.
The partnership of Mather and Westminster Capital secured a $300M construction financing deal from Huntington National Bank for a 378-unit senior housing development in Tysons that will reach up to 27 stories high, Walker & Dunlop announced Tuesday.
Senior living nonprofit Mather is poised to break ground on its senior living highrise project near Washington, D.C. thanks to newly announced financing.
Through syndication led by The Huntington National Bank, Mather has secured $300 million in construction financing for The Mather, its forthcoming life plan community in Tysons, Virginia. Evanston, Illinois-based Mather also operates senior living communities in the greater Chicago market and in Tucson, Arizona.
Evanston, IL (October 14, 2021) – Mather, an award-winning senior living provider,
announces that it has secured $300 million in construction financing for The Mather, a luxury
Life Plan Community being constructed in Tysons, Virginia, with the syndicated transaction led by The Huntington National Bank.
Expected to open in 2024, The Mather is a $500 million development. A 50/50 equity
partnership between Mather and real estate investment manager Westminster Capital, the
project is also being funded with equity from Mather and Westminster, as well as a portion
through a 10-year taxable green bond issuance from Mather Foundation.