BETHESDA, Md.--(BUSINESS WIRE)--May 13, 2026--
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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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.
Photo Credit: GM Development
LONDON (AP) — King Charles III will present the U.K. government's legislative program to Parliament on Wednesday as uncertainty clouds the future of Prime Minister Keir Starmer's leadership. Starmer on Tuesday defied calls for him to stand down, following a disastrous showing for his Labour Party in local and regional elections last week. Ahead of the King's Speech, he met with Health Secretary Wes Streeting, seen as one of his potential challengers, at his office in Downing Street.
Here's the latest:
King Charles III and Queen Camilla now enter the robing room and prepare for the ceremony.
Charles is wearing the Imperial State Crown and his crimson Robe of State, which was made for his grandfather George VI’s coronation in 1937.
Camilla wears the George IV State Diadem. The glittering piece was often worn by the late Queen Elizabeth II during her reign. Elizabeth usually wore it for her journey to and from the State Opening.
King Charles III and Queen Camilla have arrived at the Houses of Parliament and the Royal Standard has been raised.
Starmer and his wife, Victoria, left their official residence under a pelting of rain and pointed questions from the media as they headed to Parliament for the king’s speech.
The Starmers had no umbrellas as they left 10 Downing Street and walked a short distance to a waiting car.
Perhaps more unpleasant, though, were the questions coming from across the street.
“Will you resign Mr. Starmer? Are you just squatting in No. 10?,” a man yelled from the area where journalists gathered. “Prime minister, is your time up? Have you lost the country, Mr. Starmer?”
The Crown Regalia – the Imperial State Crown, the Cap of Maintenance and the Sword of State – has arrived at the House of Lords ahead of the king’s speech.
The ancient symbols of royal authority come in their own carriage, Queen Alexandra’s State Coach,
The most famous symbol of the monarchy, the Imperial State Crown, will be worn by King Charles III during the state opening ceremony.
It contains 2,868 diamonds, 17 sapphires, 11 emeralds, five rubies and more than 270 pearls, and weighs more than a kilogram.
Unions affiliated with the Labour Party called for a plan to be put in place to replace Prime Minister Keir Starmer.
The Trade Union and Labour Organisation, a group of 11 unions, said the party could not “continue on its current path.”
“It’s clear that the prime minister will not lead Labour into the next election, and at some stage a plan will have to be put in place for the election of a new leader,” the group said.
The King’s Speech dates back to at least the 15th century, and the traditions highlight that history.
The first event got underway early Wednesday when the Yeomen of the Guard — a group of ceremonial bodyguards who still wear traditional red and gold uniforms from the Tudor period — performed a symbolic “search” of the Houses of Parliament for explosives. The tradition is a reminder of the 1605 Gunpowder Plot in which Roman Catholic rebels tried to kill Protestant King James I by blowing up the building during the State Opening of Parliament.
The king will travel in a carriage, as one might expect. A separate coach carries the Imperial State Crown, the Cap of Maintenance and Sword of State.
Meanwhile, a lawmaker goes to the palace as a symbolic hostage to ensure the king’s safe return. It is said the hostage is treated like royalty.
Starmer met privately Wednesday with a cabinet member who could challenge him for the leadership of the Labour Party.
Health Secretary Wes Streeting met for less than 20 minutes with Starmer at his 10 Downing Street residence.
Streeting is considered one of the top rivals as Starmer resists calls to step aside after the party’s disastrous showing in last week’s local elections across the U.K.
Streeting did not speak with reporters as he left the meeting.
The monarch traditionally travels from Buckingham Palace to the Houses of Parliament, a distance of less than a mile, in a horse-drawn carriage. He then dons the Imperial State Crown and the robe of state before leading a procession into the chamber of the unelected House of Lords.
A Lords official called Black Rod, named for the ebony rod he or she carries, then goes to the House of Commons to summon the chamber’s members to a joint sitting of Parliament. The doors to the Commons chamber are slammed in Black Rod’s face to symbolize the chamber’s independence from the monarchy, and they aren’t opened until Black Rod strikes the doors three times.
Once members of the Commons have crowded into the Lords’ chamber, the king delivers a speech written by the government and laying out its legislative program for the coming session of Parliament.
After the speech is read and the king leaves, the two houses of Parliament begin several days of debate on its contents.
At the start of the weekly Cabinet meeting on Tuesday, Starmer said he took responsibility for the losses in last week’s elections but would fight on.
As Cabinet members left 10 Downing Street, some voiced their support for the embattled prime minister.
Works and Pensions Secretary Pat McFadden said nobody publicly challenged Starmer at the meeting, while Business Secretary Peter Kyle said the prime minister was showing “really steadfast leadership.”
Later, Starmer’s deputy David Lammy warned Labour lawmakers that the only beneficiary of the party’s “navel-gazing” is the populist right and the leader of Reform UK, Nigel Farage, in particular.
“He has my full support, and what I say to colleagues is, look, let’s just step back,” he said. “Take a breath.”
On Tuesday, several junior ministers, some of whom were elected for the first time in Labour’s landslide election victory in July 2024, resigned and urged Starmer to do the same.
Miatta Fahnbulleh, minister of housing, communities and local government, was the first to quit, urging Starmer “to do the right thing for the country.”
She was followed by Jess Phillips, the safeguarding minister and a prominent member of the Labour Party. In her resignation letter, she described Starmer as a “good man fundamentally” but unable to make bold changes.
Despite the party’s dominant win driving out the Conservatives after 14 years in power, Labour’s popularity has plunged and Starmer is getting much of the blame.
The reasons include a series of policy missteps, a perceived lack of vision on the prime minister’s part, a struggling British economy and questions over his judgment. Starmer’s choice of Peter Mandelson as U.K. ambassador to Washington despite ties to the convicted sex offender Jeffrey Epstein has continued to haunt him.
Starmer insisted Tuesday that he has no intention of resigning as calls grew louder within his Labour Party for him to step down and some junior members of his government quit in protest.
Starmer’s future has become a hot topic over the past few feverish days following historic losses for the Labour Party in local elections last week, which if repeated in a national election that has to be held by 2029, would see it overwhelmingly ejected from power.
Though no Cabinet member has quit or publicly stated the prime minister should step aside for a change in leader, there’s growing speculation that the ambitious health secretary, Wes Streeting, will inform Starmer that his days are numbered when they meet on Wednesday.
Streeting has many supporters within the parliamentary party, including some of those who resigned from Starmer’s government on Tuesday, which stoked speculation that Starmer could suffer the fate of Boris Johnson in 2022 when dozens of ministers quit en masse and forced his departure.
The King’s Speech is part of the state opening of Parliament, a traditional set piece of the political calendar. Many of the expected proposals have been announced previously, raising questions over Starmer’s capacity to win over his doubters.
The speech is expected to include proposals to address the cost of living crisis, create a national wealth fund to stimulate private investment in public infrastructure and tighten rules for asylum seekers.
It may also include the government’s controversial proposal to abolish jury trials for some cases in England and Wales, lower the voting age to 16 and introduce a “duty of candor” for public officials, requiring them to tell the truth and cooperate with investigations.
Larry the cat, Chief Mouser to the Cabinet Office leaves 10 Downing Street during a cabinet meeting in London, Tuesday, May 12, 2026 as Britain's Prime Minister Keir Starmer is facing the biggest threat yet to his authority after a growing number of disaffected lawmakers called for him to step down.(AP Photo/Kirsty Wigglesworth)
FILE - King Charles III looks up as he reads the King's Speech, during the State Opening of Parliament in the House of Lords in London on July 17, 2024. (AP Photo/Kirsty Wigglesworth, Pool, File)
Britain's Health Secretary Wes Streeting arrives in Downing Street for a meeting with Prime Minister Keir Starmer in London, Wednesday, May 13, 2026.(AP Photo/Alberto Pezzali)
Britain's Prime Minister Keir Starmer meets construction apprentices during a visit to London South Bank Technical College in London, Tuesday, May 12, 2026. (Toby Melville/Pool Photo via AP)
