Newmark arranged a $143.1-million financing loan for The Fairways, an 849-unit Class B apartment complex located at 1 Forest Ridge Rd. in Derry, NH. Vice chairman Ed Belz arranged the funding on behalf of landlord Makor Capital. Fannie Mae provided the funding.
“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 included an early rate-lock on a 10-year loan term with full term interest only, underwritten with a 35-year amortization. Makor took advantage of the recent dip in interest rates by locking its rate within three weeks of going under application.
Fairways is a garden-style community constructed in 1984 on 108 acres in Derry, a southeast New Hampshire community approximately 50 minutes from Boston.
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