Senior living nonprofit Mather is poised to break ground on its senior living highrise project near Washington, D.C. thanks to newly announced financing, reports Senior Housing News.
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.
The $500 million development in Tysons is a 50-50 equity partnership between Mather and Illinois-based real estate investment manager Westminster Capital. The project is also being funded through equity from Mather and Westminster and a 10-year taxable green bond issuance through Mather Foundation, which is loaning $70m to the project. Read more.
