Mather, Westminster Secures $ 300 Million Loan for DC Area Seniors Housing Project – Business Observer
A loan consortium led by Huntington Bank provided debt of $ 300 million for the construction of The Mather Tysons, a two-phase senior housing development project under construction in Tysons, Va., has learned from Commercial Observer.
The funding was provided to a joint venture between a not-for-profit nursing and wellness provider. Mather and real estate investor Capital of Westminster.
A Walker & Dunlop (W&D) team comprising Jonathan schwartz, Aaron Appel, Ari hirt, Sean bastien and Taylor geiger advised borrowers on financing. W&D declined to provide further details on the lenders in the deal or the makeup of the capital stack.
“Despite some uncertainty surrounding the senior housing market during the COVID-19 pandemic, The Mather has enjoyed exceptional presale speed and is well ahead of projections,” Schwartz said. “The property is in a great location and caters to the ever-growing Washington, DC metro area.”
The Mather is developed as a community living plan, a type of senior housing project that integrates living, lifestyle or healthcare amenities into a single asset. The two-building development, when fully constructed, will include 300 independent living apartments, as well as 26 assisted living apartments, 20 memory support suites and 42 private nursing suites, according to information from W&D.
Representatives for Huntington National Bank did not respond to a request for comment.
In total, the site will include a 19-story tower and a 27-story tower, each woven by the shared central amenities of the community, which will include several restaurants, a retail space, a fitness center, a spa. , an art studio, a saltwater swimming pool and on-site parking. There will also be approximately 3 acres of green space, with landscaped gardens, sculptures, walking trails, and a large lawn that will also serve as an event space.
The Mather will be located at 7929 Westpark Drive – at the corner of Westpark and Westbranch Drives – in Tysons. The project has two development phases, the first of which is expected to be completed and open in 2024, according to W&D.
In June, developers launched the pre-rental for the second phase of the project, after a solid response to the units proposed in the first phase, which will include 186 apartments. About 86 percent of the 186 units in the first phase had been leased when the second phase leasing began in the summer.
The project is located right next to the sprawling Tyson Gallery Mall, a towering super-regional mall that is located approximately 15 miles west of Washington, DC Several blocks from The Mather’s site is the Kaiser Permanente Tysons Corner Medical Center. About 800 meters away is a major public transport point in the Washington Metro Transit Authority‘s Tysons corner station.
Mather could not be reached and Westminster Capital officials did not respond to a request for comment.
Mack Burke can be contacted at [email protected].