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Lument Arranges $35M Loan to Acquire Bethesda MXU Complex
Lument has closed a $34.5 million Freddie Mac loan for Corner Lot Advisors’ acquisition of 8200 Wisconsin, a 245-unit mixed-use complex in Bethesda. Bryan Cullen led the transaction, structuring the loan with a seven-year term and two years of interest-only payments at a fixed rate.
The loan allows for the use of $10 million from the Montgomery County Housing Initiative Fund to ensure 66 affordable units. Corner Lot plans renovations, including upgrades to common areas, the management office, and the fitness room, as well as reconfiguring units to add bedrooms.
“This is our sixth loan with Chip Davis and Corner Lot Advisors and the largest and most complex,” said Cullen. “We had to structure the preferred equity to comply with Freddie Mac guidelines, get the necessary approvals and extensions on the County HIF loan, along with managing the difficulties in herding the cats inherent on any large acquisition.”
- ◦Financing
