Bethesda, MD, April 28, 2021 –
Working on behalf of The IDI Group Companies, a repeat client, Phillips Realty Capital structured $38,950,000 equity financing for the development of a 318-unit mid-rise multifamily community adjacent to IDI’s 402-unit Rivergate North apartment complex in Woodbridge, VA. The project is located within a Qualified Opportunity Zone and is the second phase of the 720-unit, riverfront apartment community. PTM Partners provided $20,050,000 in joint venture equity and EB5 Capital provided $18,900,000 in preferred equity. Phillips Realty Capital led the financing effort.
Dan Shiff, Principal of Phillips Realty Capital and Managing Director at EB5 Capital, said: “We are excited to see this partnership move forward with a project that will continue the transformation of Woodbridge and Prince William County. Utilizing Phillips Realty Capital’s network of equity relationships and EB5 Capital’s platform, we were able to secure a capital stack that combines Opportunity Zone investment with our EB-5 funds.”