$37M redevelopment deal

Walker & Dunlop, Inc. announced that it provided $37,165,100 in FHA Section 221(d)(4) financing to convert 777 Main Street, a vacant 26-story office tower in Hartford’s Central Business District, into Class A apartments.
The property is the centerpiece of state and local efforts to promote urban living and revitalize Hartford’s downtown.
Constructed in 1967 as the headquarters of Hartford National Bank, 777 Main Street was designed by architect Welton Becket, who designed the iconic Capitol Records tower in Hollywood.
The historically significant building is included on the National Register of Historic Places, enabling the developer, Becker + Becker Associates, to obtain federal and state historic tax credits to help finance the project.
Additionally, the state’s Capital Region Development Authority and Department of Housing invested more than $21 million behind Walker & Dunlop’s new first mortgage loan to support the redevelopment. Twenty percent of the apartments are set aside as affordable housing for very low income residents.
Walker & Dunlop senior vice president Todd Trehubenko led the team that structured the financing. He commented, “This transaction shows the unique role that FHA financing can play in the market to stimulate apartment construction.”