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W&D lends to Connecticut redevelopment

Walker & Dunlop Inc., of Bethesda, a real estate lender focused on multifamily loans, said it provided $37.2 million in FHA-insured mortgage financing as part of a multi-prong effort to convert a vacant 26-story office tower in Hartford, Conn.’s central business district into apartments.

The property, known as 777 Main Street, was built in 1967 as the headquarters of Hartford National Bank, and is listed on the National Register of Historic Places.

In addition to W&D’s first-mortgage loan, two state agencies invested more than $21 million to support the redevelopment.

Twenty percent of the apartments are set aside as affordable housing for very low-income residents.