WASHINGTON, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Today, members of the EB5 Capital team joined developer IDI Group Companies and PTM Partners in celebrating the ribbon-cutting ceremony of Rivergate, also known as Viridium, EB5 Capital's JF28 project located in Woodbridge, Virginia. This event marks a major milestone for the project, which is the second phase of a luxury apartment community totaling 720 rental units across 13.5 acres. Along the banks of the Occoquan River, the new seven-story apartment building includes 318 units with a full range of Class A amenities, just 20 miles outside of Washington, DC. The first phase, Rivergate North, is adjacent to the property with 402 units and was completed in 2018.
EB5 Capital funded $15 million in the project as a preferred equity investment. "We congratulate The IDI Group Companies and PTM Partners on the successful completion of phase two," said Jonathan Mullen, EB5 Capital's Senior Vice President of Investments. "The building's spacious apartments, waterfront location, and best-in-class amenities are a great addition to the Woodbridge community." 30 EB-5 foreign investors from various backgrounds invested in Rivergate and the project is on track to create over 700 jobs.
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