Derry, NH — Newmark has successfully arranged a $143.1 million refinancing package for The Fairways, a large-scale multifamily property located at 1 Forest Ridge Road in Derry, New Hampshire.
The 849-unit Class B garden-style apartment community is owned by Makor Capital, a firm with a significant footprint in the New Hampshire and Massachusetts multifamily markets.
The financing was secured by Newmark Vice Chairman Ed Belz and was provided by Fannie Mae. According to Belz, the deal enables Makor Capital to unlock built-up equity in the property while maintaining ample liquidity to support ongoing and future initiatives.
“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. “Fairways has proven to be an exceptional investment, and we are thrilled to support the financing of this foundational asset once again.”
The transaction reflects a long-standing professional relationship between Newmark and Makor Capital’s founder, Chris Wyett, which spans over two decades. The refinancing package features a 10-year loan term with full-term interest-only payments, a 35-year amortization schedule, and an early rate-lock, capitalizing on a recent decline in interest rates. Makor was able to lock in the rate within three weeks of applying.
Wyett, who acquired the property in late 2016, described the refinancing as a strategic move.
“Fairways has experienced a substantial increase in value since we acquired the asset in late 2016,” said Wyett. “By refinancing, we take some ‘chips off the table’ while we continue to own and further improve the property over the long term. Makor generally has a long-term perspective provided we continue to see value potential and stable yields.”
Constructed in 1984, The Fairways spans 108 acres and includes a mix of two-, three- and four-story residential buildings. The complex is situated along Route 28, approximately three miles from Interstate 93 and less than 10 miles from Manchester Airport, placing it roughly 50 minutes north of Boston. The property offers a variety of amenities and has become a key asset in Makor’s growing regional portfolio.
