High-Rise Senior Housing Project In Tysons Lands $300M Construction Loan
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.
Walker & Dunlop's Jonathan Schwartz, Aaron Appel, Ari Hirt, Sean Bastian and Taylor Geiger worked with the development team to arrange the loan. The project is planned in two phases with the first scheduled to deliver in 2024.
The development, branded as The Mather, is planned as two towers reaching 27 and 19 stories. Its units will consist of 300 independent living apartments, 16 assisted living apartments and 20 memory support suites.
"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," Schwartz said in a release.
The towers will be connected by a shared suite of amenities including a fitness center, spa, art studio, rooftop terrace, pool, restaurants and retail. The property sits at the intersection of Westpark and Westbranch drives, about a half-mile from the Tysons Corner Metro station.
Chicago-based Mather proposed the project in July 2018 and acquired the land for the site in November 2019. Mather Senior Vice President Gale Morgan told Bisnow in March 2019 she sees the project as a response to shifting demands from seniors, who now want to live in more walkable locations.
"One of the things we're seeing with the population over 65 is they want to stay in the heart of their community," Morgan said. "Boomers are saying, 'I want ease of access, I don't want to have to get in my car to go to the restaurant or the doctor.' The urban lifestyle is getting more and more popular."