IDI Group Companies and PTM Partners have successfully secured a $60 million senior loan to refinance Viridium, an upscale waterfront apartment community located in Woodbridge, Virginia. The loan was provided by a reputable life insurance company and structured by BWE’s Washington D.C. office, allowing for the completion of immediate goals for the property.
Viridium, which was completed in 2022 as part of IDI’s Rivergate development consisting of 720 units, offers 318 modern apartments with luxurious amenities such as a resort-style pool, fitness center, rooftop terrace and shuttle service. Its prime location provides residents with scenic riverfront living while also offering convenient access to Fort Belvoir and downtown Washington D.C.
According to Scott Meyer – partner and CFO at PTM – “This financing serves as strong evidence of the asset’s value in today’s conservative lending market. It also validates our joint venture’s vision for Viridium which brings top-notch housing options to Prince William County and the greater D.C metropolitan area.” Meyer further adds that “Viridium perfectly combines proximity to all that city life has to offer with Northern Virginia’s natural surroundings providing residents with a more relaxed pace.”
The article originally appeared on Connect CRE.
