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**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 community located at 1 Forest Ridge Road in Derry, New Hampshire. Vice Chairman Ed Belz led the transaction on behalf of the property owner, Makor Capital, with Fannie Mae providing the loan.
“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 includes a 10-year loan term with full-term interest-only payments and a 35-year amortization schedule. Makor was able to take advantage of a recent dip in interest rates by locking in the loan within three weeks of the application process.
Originally built in 1984, The Fairways is a garden-style apartment community spread across 108 acres. It is located in Derry, a southeastern New Hampshire town approximately 50 minutes north of Boston.
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