Walker & Dunlop Arranges Record $130 Million HUD 221(d)(4) Financing for Denver Mixed-Use Redevelopment

Walker & Dunlop has arranged $130 million in financing for the redevelopment of a historic former Veterans Affairs hospital campus in Denver, Colorado, the firm announced May 13, 2026. The financing, structured through the U.S. Department of Housing and Urban Development's 221(d)(4) construction loan program, represents the largest HUD 221(d)(4) loan in Walker & Dunlop's history.

The transaction was arranged on behalf of GM Development, which plans to transform the 8.22-acre site at 1055 North Clermont Street in Denver's Hale neighborhood into a 493-unit Class A mixed-use community. The capital stack incorporates historic tax credits as a key component, enabling the adaptive reuse of the long-vacant property.

Project Details: Multifamily, Retail, and Medical Office Space

The redevelopment will deliver 493 rental units — primarily market-rate, with approximately 8% designated as income-restricted at 60% of area median income — within a restored historic 10-story building and an eight-level parking garage. The project will also include more than 50,000 square feet of retail and medical office space, comprising 43,612 square feet on the first floor and garden level, with 12,594 square feet of frontage along East 9th Avenue opening into a central atrium.

The property is located at the northwest corner of East 9th Avenue and Clermont Street, adjacent to the 9+CO master-planned district and directly east of Rose Medical Center. The site is approximately three miles from downtown Denver and 23 miles from Denver International Airport, with access to East Colfax Avenue.

"We're excited to transform this historic site into a vibrant mixed-use community that will help revitalize the surrounding neighborhood and activate a long-underutilized property," said Sam Edelson, principal at GM Development. "By preserving and repositioning this landmark asset, we're creating a place that blends history with modern living. We're grateful to Walker & Dunlop and HUD for their partnership in bringing this vision to life."

Record HUD 221(d)(4) Loan for Walker & Dunlop's FHA Finance Platform

The HUD 221(d)(4) program provides construction financing for multifamily developments, and the $130 million loan surpasses all prior transactions of this type in Walker & Dunlop's history. The firm's FHA Finance team — Chris Rumul, Jason Silva, Cole Parker, and Mike Valucci — arranged the transaction.

"Executing the largest HUD 221(d)(4) loan in Walker & Dunlop's history is a significant milestone for our platform," said Ken Buchanan, EVP and head of FHA Finance at Walker & Dunlop. "We're proud to partner with GM Development, The City of Denver, and HUD to transform this historic asset, leveraging the program and historic tax credits to deliver high-quality housing while preserving an important piece of Denver's history."

Walker & Dunlop ranks No. 5 among HUD lenders based on MAP (Multifamily Accelerated Processing) and LEAN volume in 2025. Since the platform's inception, the firm's FHA/HUD group has closed $45 billion across more than 2,000 transactions and reports a 99% approval rate since 2021.

Sources

Walker & Dunlop: Walker & Dunlop Arranges Largest HUD 221(d)(4) in Company History