Walker & Dunlop, Inc. announced today that it has arranged $130 million in financing for the redevelopment of a historic former Veterans Affairs (VA) hospital campus into a 493-unit Class A mixed-use community in Denver, Colorado. The financing, executed through the U.S. Department of Housing and Urban Development (HUD) 221(d)(4) loan program, represents the largest 221(d)(4) construction loan in the company's history.

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Photo Credit: GM Development

Chris Rumul, Jason Silva, Cole Parker, and Mike Valucci of Walker & Dunlop FHA Finance arranged the transaction on behalf of their client, GM Development. The project incorporates historic tax credits as a key component of the capital stack, enabling the adaptive reuse of the long-vacant property.

"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."

Located at the northwest corner of East 9th Avenue and Clermont Street, the 8.22-acre former VA hospital campus will be redeveloped into a Class A mixed-use community at 1055 North Clermont Street. The project will deliver 493 rental units, primarily market-rate, with approximately 8% designated as income-restricted at 60% AMI, within a restored historic 10-story building and an eight-level parking garage. It will also include more than 50,000 square feet of retail and medical office space, including 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.

"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."

Situated in Denver's Hale neighborhood, the property is adjacent to the growing 9+CO master-planned district and directly east of Rose Medical Center. The site benefits from strong connectivity to major thoroughfares, including East Colfax Avenue, and is approximately three miles from downtown Denver and 23 miles from Denver International Airport.

Walker & Dunlop is a leading HUD lender, ranked No. 5 based on MAP (Multifamily Accelerated Processing) and LEAN volume in 2025. Since its inception, the firm's FHA/HUD platform has closed $45 billion across more than 2,000 transactions and continues to deliver consistent results, with a 99% approval rate since 2021. To learn more about our capabilities and financing solutions, visit our website.

About Walker & Dunlop

Walker & Dunlop (NYSE:WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.

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Investors:

Kelsey Duffey

Investor Relations

Phone 301.202.3207

investorrelations@walkeranddunlop.com

Media:

Nina H. von Waldegg

Public Relations

Phone 301.564.3291

nhvwaldegg@walkerdunlop.com

Phone 301.215.5500

7272 Wisconsin Avenue, Suite 1300

Bethesda, Maryland 20814

Walker & Dunlop Arranges Largest HUD 221(d)(4) in Company History; $130 Million for Former VA Hospital Redevelopment