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BETHESDA, MD-A financing package valued at approximately $85 million has closed for the construction of Lionsgate at Woodmont Corner, a 131-unit condominium property here. The entire development cost of the multifamily property will total $100 million.

Wachovia Bank NA provided the loan for project developer Duball LLC and the project investor a CIM Group affiliate. Located at the intersection of Woodmont Avenue and Georgetown Road, Lionsgate will be a 12-story structure with 14,000 sf of ground-level retail space, a fitness facility, and a three-level underground parking facility to accommodate 250 vehicles. Twenty-seven of the units in the 285,000-sf structure will be reserved as moderately priced residences.

"The loan will allow development of a marquee building in the heart of Bethesda and be consistent with the emergence of Bethesda as a special place to live, work, shop and dine," says Marc A. Dubick, president, Duball LLC. Duball is also the development manager for Wildewood, a planned unit development in St. Mary's County. Wildewood is a multi-year project that upon build-out will contain over 3,750 homes, retail and office space.