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 financing was provided by a reputable life insurance company and structured by BWE’s Washington D.C. office, enabling the completion of short-term goals for the property.
Viridium, which was completed in 2022 as part of IDI’s Rivergate development comprising 720 units, boasts modern amenities including a resort-style pool, fitness center, rooftop terrace and shuttle service. Its prime location offers picturesque riverfront living with convenient access to Fort Belvoir and downtown Washington D.C.
“This financing serves as strong evidence of the asset’s value in today’s conservative lending market,” stated Scott Meyer – partner and CFO at PTM. “It also validates our joint venture’s vision for Viridium – providing top-notch housing options within Prince William County that combine easy access to city life with Northern Virginia’s tranquil surroundings.”
