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IDI Group Companies & PTM Partners Secure $60M Loan For Viridium Luxury Apartments
FINANCED
$60,000,000
Virginia
See Similar DealsMultiFamily
Financed 06/13/2024
FINANCED
IDI Group Companies & PTM Partners Secure $60M Loan For Viridium Luxury Apartments
1000 Annapolis Way
See Similar DealsMultiFamily
Financed 06/13/2024
Summary
VIRGINIA
Asset Type:MultiFamily
Transaction Type:Loan
The property involved in the transaction is Viridium, a luxury apartment building located at 1000 Annapolis Way in Woodbridge, Virginia. The asset consists of 318 units, and a $60 million loan was secured for this multifamily property.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $60,000,000
- Market: Woodbridge, VA
- Units: 318
- Landlord: Enrico Cecchi - IDI Group Companies & Scott Meyer - PTM Partners
- Brokers: Adam Bieber, Alec Jenkins & Daniel Shiff - Bellwether Enterprise (BWE)
The joint venture between IDI Group Companies and PTM Partners orchestrated the loan for Viridium, bringing to light the continual real estate development trend in Northern Virginia along the Potomac River.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$60,000,000.00
Monthly NOI$400,000.00
Monthly Debt Service$379,240.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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