DC-Area Senior Housing Development Receives $300M in Construction Financing Advised by Walker & Dunlop
Walker & Dunlop has announced its role in $300,000,000 in construction financing for The Mather, a new luxury Life Plan Community located in Tysons, Virginia. The transit-oriented project will comprise two buildings with 300 independent living apartment homes, 16 assisted living apartments, 20 memory support suites, and 42 private nursing suites that will be built in two phases, with the first phase projected to open in early 2024.
Walker & Dunlop's Jonathan Schwartz, Aaron Appel, Ari Hirt, Sean Bastian, and Taylor Geiger served as strategic advisors for Tysons LPC, LLC, a 50/50 equity partnership between Mather and Westminster Capital. The complex capital stack included the syndicated transaction led by The Huntington National Bank.
Mr. Schwartz commented, "Despite some uncertainty surrounding the senior housing market during the COVID-19 pandemic, The Mather has experienced exceptional pre-sales velocity and is well ahead of projections. The property is very well located and caters to the ever-growing Washington, D.C. metro area." He added, "We were pleased to be able to provide strategic support to Mather and Westminster Capital, both experienced and well-respected leaders in the Life Plan Community space."
Situated at the corner of Westpark and Westbranch Drives, The Mather is just 15 miles from the Nation's Capital and is conveniently located within half a mile of the Tysons Corner Metro Station and the Tysons Galleria Shopping Mall. The Mather will be Tysons' preeminent Life Plan Community; a residential hub that was carefully designed for transit convenience, a walkable lifestyle, and environmental sustainability. The community will include 19- and 27-story towers connected by central amenities, including multiple restaurants, a fitness center, wellness spa, art studio, rooftop terrace, saltwater pool, parking, and retail. The Mather will boast approximately three acres of green space, featuring landscaped gardens, walking paths, sculptures, an event lawn, and more.