GM Development has secured $130 million in financing to redevelop a historic former Veterans Affairs (VA) hospital campus into a 493-unit class A mixed-use community in Denver. 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.
Located at the northwest corner of East Ninth Avenue and Clermont Street, the 8.22-acre former VA hospital campus will be redeveloped into a class A mixed-use community at 1055 N. Clermont St. The project will deliver 493 rental units, primarily market-rate, with approximately 8 percent designated as income-restricted at 60 percent of area median income (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, with 43,612 square feet on the first floor and garden level and 12,594 square feet of fron
