D.C.-area senior housing development receives $300m in construction financing

Tysons LPC, LLC, a 50/50 equity partnership between Mather and Westminster Capital, has received $300 million 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, which will be built in two phases, with the first phase projected to open in early 2024.

Jonathan Schwartz of Walker & Dunlop, which served as strategic advisors for Tysons, 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."

Situated at the corner of Westpark and Westbranch Drives, The Mather is just 15 miles from the nation's capi