Author: Cece

The CEO Series: Mary Leary, Mather

Mary Leary, CEO and President of Evanston, IL-based Mather, will celebrate her 20th anniversary at the helm of the organization in June of this year.  During her tenure, the 81-year-old not-for-profit organization has experienced huge growth and expanded its reach to touch the lives of nearly 200,000 people annually.

Leary has been instrumental in that growth, transforming Mather into an innovation incubator for ideas and “next practices,” and she plays a significant role in shaping the present and future of this industry. Leary was recently interviewed by Senior Living News to get her perspective on the current state of the company as well as key industry issues.

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Mather’s move into third state progresses as vertical construction begins on life plan community

Mather is marking its entry into the commonwealth of Virginia as vertical construction is set to begin on The Mather at Tysons in northern Virginia. The company already operates life plan communities (also known as continuing care retirement communities) in Illinois and Arizona.

Gale Morgan, senior vice president of sales, told the McKnight’s Business Daily that the Mather began local infrastructure construction, such as widening the streets and putting in a stoplight, in March 2021. Vertical construction is getting underway now that grading and other site work preparations were finished in the fall.

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VERTICAL CONSTRUCTION BEGINS FOR THE MATHER IN TYSONS, VIRGINIA

Evanston, IL (April 19, 2022) – Mather, an award-winning senior living provider, based in Evanston, Illinois, announces that vertical construction has begun on The Mather, a luxury Life Plan Community in development at 7929 Westpark Drive in Tysons, Virginia.

“We are very excited to bring The Mather to Tysons,” said Mather CEO and President, Mary Leary. “’Going vertical’ is symbolic of the successful effort the team has put forward to obtain financing, exceed sales projections, and break ground — especially at such an unprecedented time these last two years.”

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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.

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Mather Secures Financing for $500M Highrise, Overcoming Pandemic Challenges

Senior living nonprofit Mather is poised to break ground on its senior living highrise project near Washington, D.C. thanks to newly announced financing.

Through syndication led by The Huntington National Bank, Mather has secured $300 million in construction financing for The Mather, its forthcoming life plan community in Tysons, Virginia. Evanston, Illinois-based Mather also operates senior living communities in the greater Chicago market and in Tucson, Arizona.

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Mather Secures $300M in Construction Financing

Evanston, IL (October 14, 2021) – Mather, an award-winning senior living provider,
announces that it has secured $300 million in construction financing for The Mather, a luxury
Life Plan Community being constructed in Tysons, Virginia, with the syndicated transaction led by The Huntington National Bank.

Expected to open in 2024, The Mather is a $500 million development. A 50/50 equity
partnership between Mather and real estate investment manager Westminster Capital, the
project is also being funded with equity from Mather and Westminster, as well as a portion
through a 10-year taxable green bond issuance from Mather Foundation.

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The Mather launches second phase of pre-sales for upcoming residential towers

After a successful first phase pre-sale, The Mather announced today (Tuesday) that it is launching a pre-sales for a second phase of apartments.

Located at 7929 Westpark Drive near Tysons Galleria, The Mather is a Life Plan Community complex of two residential towers with a total of 300 apartments for seniors. It is part of the 19.4-acre Arbor Row mixed-use development that will also include a high-rise condominium tower called The Monarch.

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