Rivergate Phase I in Suburban DC Obtains $73M
- Sep 30, 2016
The IDI Group Companies, which is developing Rivergate Phase I, has obtained $73.8 million in construction financing for the project. The development is a 402-unit apartment community to be built along the Occoquan River in Woodbridge, Va., a suburb of Washington, DC.
Common amenities will include a health and fitness center, business center, club lounge and an outdoor pool with sundeck. Notably, the development will be near the Occoquan Harbour Marina, and it will preserve more than 40 percent of its site area as open space, including landscaped green areas, recreational facilities, and the construction of a section of Prince William County’s Potomac Heritage National Scenic Trail system.
The Greenwich Group International oversaw procuring the financing for the development. The deal includes a $60.3 million senior construction loan, along with $13.5 million in subordinate mezzanine construction financing. Construction is now under way by John Moriarty & Associates, the general contractor, with completion slated for early 2018.
The Greenwich team representing the developer was led by Peter Witham and Duke Fairchild. Witham, managing director, told MHN that Rivergate is uniquely located on the Occoquan River, and as such will draw demand from a variety of renters seeking connectivity with the water and the amenities that come with it.
“From the micro market standpoint, Rivergate will draw from the many large employers that are situated within close proximity to the site, such as Fort Belvoir, Quantico, General Dynamics and the National Geospatial Agency,” he added. “They collectively employ over 75,000 people.”