Senior living provider Mather has secured $300 million in construction financing from a syndicated transaction led by The Huntington National Bank for the development of a $500 million life plan community in Tysons, Va.
The Mather is a transit-oriented project being developed in two phases through a 50/50 equity partnership between Mather and real estate investment manager Westminster Capital. The first phase is expected to open in early 2024. When completed, the project will have 300 independent living apartment homes, 42 private skilled nursing suites, 20 memory support suites and 16 assisted living apartment homes.
The project is also being funded with equity from Mather and Westminster, as well as a 10-year taxable green bond issuance from the Mather Foundation.
Walker & Dunlop’s Jonathan Schwartz, Aaron Appel, Ari Hirt, Sean Bastian and Taylor Geiger served as strategic advisors for Tysons LPC LLC, the 50/50 equity partnership between Mather and Westminster.
Schwartz said in a prepared statement that despite some uncertainty surrounding the senior housing market during the pandemic, The Mather has experienced strong pre-sales velocity that is well ahead of projections. Mather officials noted Phase I is more than 83 percent pre-sold with a diverse demographic profile coming from surrounding Northern Virginia communities as well as Washington, D.C., and nearby Maryland.
Located on nearly 4 acres at 7929 Westpark Drive, the property is 15 miles from Washington, D.C., and within a half mile of the Tysons Corner Metro Station and Tysons Galleria Shopping Mall. The life plan community will have 19- and 27-story towers with 186 apartment homes constructed in Phase I and 114 apartment homes added in Phase II. The buildings will be connected at the third through fifth floors. Third-floor amenity spaces include a fitness center, spa, indoor pool, multiple restaurants, outdoor terraces and art studio. The fourth and fifth floors will be home to the Life Centre which will house the assisted living apartments and suites for skilled nursing and memory care.
The property will have more than 14,000 square feet of ground-floor retail space, including a community center that will be open to Fairfax County residents age 50 and up through a collaboration with Fairfax County.
The building is precertified LEED Gold and pursuing a WELL Building certification. The property is located in an urban, walkable neighborhood and abuts a publicly accessible park offering residents access to a lawn for concerts, walking paths, a dog park, badminton court and bocce court.
The Mather’s apartment homes will range in size from 800 to 3,300 square feet and are designed with modern, open floorplans. The units will feature expansive views, luxury finishes and smart-home technology.