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$85M Financing Deal Closes for 131-Unit Condo Project

BETHESDA, MD-Development of the Lionsgate at Woodmont Corner takes a step forward with the completion of an $85-million financing deal for the construction of the 131-unit condominium project. The multifamily property is scheduled to debut in 2007.

By Barbra Murray | Updated on March 19, 2006

(To read more on the multifamily market and the debt and equity markets, click here.)

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.

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