**Newmark Secures $143.1M Fannie Mae Loan for The Fairways in Derry, NH**
Newmark has successfully arranged a $143.1 million financing package for The Fairways, an 849-unit Class B apartment complex located at 1 Forest Ridge Road in Derry, New Hampshire. The loan was secured on behalf of landlord Makor Capital, with funding provided by Fannie Mae. The deal was arranged by Newmark Vice Chairman Ed Belz.
“Newmark and Fannie Mae were able to deliver an extraordinary execution, allowing Makor to distribute a portion of the built-up equity at the property while also retaining significant liquidity to execute its business plan and maximize the long-term potential at Fairways,” said Belz.
The financing package features a 10-year loan term with full-term interest-only payments and was underwritten with a 35-year amortization. The early rate-lock allowed Makor to secure favorable terms quickly, taking advantage of a recent dip in interest rates by locking in the rate within three weeks of going under application.
The Fairways is a garden-style apartment community built in 1984. It spans 108 acres in Derry, a southeastern New Hampshire town located approximately 50 minutes from Boston.
