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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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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Mather CEO: We Adapted $475M Highrise Project to Pandemic, Are 70% Pre-Sold

Mather was not planning for a global pandemic when the organization embarked on the creation of a $475 million-plus life plan community near Washington, D.C. But after Covid-19 struck, Mather listened to consumers, adapted the project design and reached the 70% pre-sold mark in September.

That’s three months ahead of the schedule that was set before Covid-19 struck, Mather President and CEO Mary Leary told Senior Housing News. An Evanston, Illinois-based nonprofit, Mather operates senior living communities in the greater Chicago market and in Tucson, Arizona.

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3 Of The Best Apartments In Washington DC

The past six months have shown us the strength, resilience and creativity of DC, Maryland and Virginia’s real estate industry. They also revealed something else about our post-pandemic market: Washingtonians want to stretch their real estate dreams with new amenities in even more dynamic properties—and real estate pros are delivering in nearly every corner of the region.

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Going Green

Can you imagine finishing a meal by eating the very same utensils you used to consume it? How about the ability to choose between plain, sweet, and savory flavored edible utensils? If the folks at The Mather have their way, plastic utensils will soon be a thing of the past and the planet will be better for it.

And it’s not just The Mather that’s committed to the health of the environment. Lots of companies in Northern Virginia, including Washington Gas and BOWA, are finding ways large and small to support sustainability and to incorporate “green” practices into their businesses and the community.

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Life Plan Communities Offer Another Alternative to Aging in Place

Mark and Sharon Brender, retirees who live in a townhouse in Arlington, Va., love living in an urban environment, walking to shops and restaurants and hopping on Metro for cultural opportunities in normal times.

But at 70, Mark Brender says he realizes that he and his 73-year-old wife may not always want to live in a three-level home with stairs.

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