Rivergate North Rivergate North

WOODBRIDGE, VA–IDI Group Cos., a developer based in Arlington, VA., secured $73.8 million in construction financing for Rivergate Phase I, a 402-unit residential apartment building that will be located along the Occoquan River here. The funding, which consists of a $60.3 million senior construction loan, and $13.5 million in subordinate mezzanine construction financing, was arranged via Greenwich Group, a real estate capital advisory firm headquartered in New York and with offices in Washington DC, San Francisco and Los Angeles.

Placing the financing took a bit longer and required more effort than initially expected, Duke Fairchild, a principal with Greenwich who represented IDI Group along with Peter Witham, tells GlobeSt.com. It took about eight months — the company had originally thought it would around six months — and during that time period it went perhaps 70 banks and lenders, Fairchild estimated.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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