New York, NY – April 22, 2024 – Lument announced today the closing of a $34.5 million Freddie Mac loan to assist Corner Lot Advisors with the acquisition of 8200 Wisconsin, a 245-unit, mixed-use high rise-style apartment complex in Bethesda, Maryland. Bryan Cullen, senior managing director at Lument based in Washington D.C., led the transaction.

The loan has a seven-year term with two years of interest only (IO) payments at a fixed interest rate. Lument structured the loan to allow for the borrower to utilize $10 million from the Montgomery County Department of Housing and Community Affairs (DCHA) Housing Initiative Fund (HIF). With this HIF loan, the building will include 66 one and two-bedroom affordable units of which 33 are affordable at 50% of Area Median Income (AMI) and 33 at 60% of AMI.

“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.”

Following the completion of the acquisition, Corner Lot will begin renovations to the building that include meaningful improvements to the common areas, management office and fitness room, as well as a reconfiguration of a number of units to add bedrooms.

“With Lument’s guidance, we were able to overcome rapidly increasing interest rates though much of the due diligence period,” said Chip Davis, founder of Corner Lot Advisors. “We look forward to improving this asset and to continuing to preserve quality affordable housing in Bethesda and with future acquisitions in the DC area.”

About Lument

Lument, a subsidiary of ORIX Corporation USA, is a national leader in commercial real estate finance and delivers a comprehensive set of capital solutions customized for investors in multifamily, affordable housing, and seniors housing and healthcare real estate. Lument is a Fannie Mae DUS®, Freddie Mac Optigo®, FHA, and USDA lender. In addition, Lument offers a suite of proprietary commercial lending, real estate investment sales, investment banking, and investment management solutions. The company has approximately 600 employees in over 30 offices across the United States. Securities, investment banking, and advisory services are provided through Lument Securities, LLC, member FINRA/SIPC. Lument Investment Management, LLC, is registered as an investment adviser with the U.S. Securities and Exchange Commission. For more information, visit

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