Newmark Negotiates $23.1M HUD-Insured Construction Loan for Summerfield Apartments in Midlothian, Virginia

MIDLOTHIAN, VA. — Newmark has negotiated a $23.1 million HUD-insured construction loan to fund the next phase of Summerfield Apartments, a multifamily complex located within the Winterfield Crossing development in Midlothian, a suburb of Richmond. Nemo Hannafin and Ed Belz of Newmark secured the financing on behalf of the landlord, an entity doing business as Summerfield Apartments LLC, in the transaction. The next phase of the Summerfield Apartments’ project will bring an additional 122 units to the Winterfield Crossing mixed-use development. The construction timeline was not disclosed.