Newmark Secures $23.1M Construction Loan For Summerfield Apartments In Midlothian VA

The asset involved in this transaction is multifamily property located at 1104 Winterlake Court, Midlothian, VA. The property is part of the Winterfield Crossing development and is set to add 122 units to the existing facilities due to the new construction loan secured.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $23,100,000
• Lender: US Department of Housing and Urban Development
• Landlord: Summerfield Apartments, LLC
• Loan Type: Construction
• Brokers: Nemo Hannafin & Ed Belz - Newmark

This transaction reflects Newmark's ongoing relationship with Summerfield Apartments, LLC, having previously assisted the borrower with the development of the adjacent 238-unit Winterfield at Midlothian. The financing aims to ease construction cost pressures through updated FHA guidelines.