The IDI Group Companies (IDI), a premier developer of multifamily communities in the Washington, D.C. area, and PTM Partners (PTM), a real estate development and investment firm and one of the largest Opportunity Zone fund managers in the country, have secured a $60 million senior loan to refinance Viridium, a luxury waterfront apartment community in Woodbridge, Virginia. Financing was provided by a life insurance company and structured by Daniel Shiff, Adam Bieber, and Alec Jenkins from BWE’s Washington, D.C. office.
“We are very pleased with this strategic financing for Viridium, which will allow us to complete our near-term objectives and position ourselves for the next chapter with the asset,” shared Enrico Cecchi, one of IDI’s Managing Directors. “We are grateful for our partnership with BWE, who has helped us through the initial capitalization, as well as all of our other consultants and advisors who played a pivotal role in closing this transaction.”
“Particularly in this conservative lending market, this financing demonstrates the strength of the asset and is validation for the vision of our joint venture,” said Scott Meyer, Partner and Chief Financial Officer of PTM. “Viridium brings first-class housing to Prince William County and the D.C. metropolitan area that marries proximity to all the city has to offer with NoVa’s access to nature and calmer pace of life.”
Delivered in 2022, Viridium is a luxury apartment community located on the banks of the Occoquan River. Viridium offers 318 apartment homes featuring modern, luxurious finishes including stainless steel
appliances, granite countertops, in-unit full-size washer/dryers, balconies, and more. Residents can also enjoy a top-tier array of indoor and outdoor amenities including a resort-inspired pool; a fitness center equipped with Matrix cardio and strength equipment; a rooftop terrace with entertaining spaces; a theater room with a 120-inch screen; and shuttle service to a nearby VRE station and commuter lot.
Situated less than eight miles from Fort Belvoir and 20 miles from downtown Washington, D.C., Viridium is the second phase of IDI Group’s larger Rivergate development. Comprising 720 total units, the development offers residents the unique opportunity for scenic riverfront living in an excellent commuter location near major highways, rail stations, bike routes, and pedestrian pathways.