What sponsors should know about New Hampshire.
New Hampshire's CRE market is concentrated along two major corridors, the I-93 corridor through Manchester, Nashua, and Concord (the southern New Hampshire metro that functions as a Boston spillover market), and the Seacoast corridor through Portsmouth, Dover, and the broader Strafford and Rockingham County coastal area. Both corridors have benefited from sustained net in-migration from Greater Boston driven by New Hampshire's no-state-income-tax and no-state-sales-tax framework, the broader cost-of-living differential, and post-2020 remote-work flexibility.
Manchester is the largest metro and the more institutional submarket, anchored by a deep healthcare base (Catholic Medical Center, Elliot Health System), Dartmouth-Hitchcock's Manchester presence, a meaningful financial-services and tech employment base (including a large asset-management campus in Merrimack), and the broader I-93 distribution corridor running south to Boston. Nashua is the secondary I-93 metro, anchored by defense electronics and a deep aerospace and defense supplier ecosystem. Portsmouth is the smaller but distinctively high-end Seacoast metro, sustained second-home and primary-residence in-migration from Boston supports premium multifamily, hospitality, and grocery-anchored retail demand.
New Hampshire's no-state-income-tax framework is one of the central drivers of the broader I-93 corridor in-migration story and is a meaningful underwriting input on lender appetite. Property tax in New Hampshire is correspondingly higher than most Northeast comparables, the state funds local services through one of the highest effective property-tax burdens in the country, which lenders model carefully on stabilized debt across the state.
How each property type prices in New Hampshire.
Multifamily Financing in New Hampshire
Capital markets advisory for New Hampshire multifamily. Agency, bridge, and bank financing across Manchester, Nashua, Portsmouth, and Concord.
Industrial & Warehouse Financing in New Hampshire
Capital markets advisory for New Hampshire industrial. Bulk distribution, last-mile, build-to-suit, and specialty industrial financing across Manchester.
Retail
Grocery-anchored neighborhood centers across the I-93 corridor and Seacoast support life-company and CMBS pricing. New Hampshire's no-sales-tax status is a meaningful driver of cross-border retail demand from Massachusetts.
Bridge debt by New Hampshire city.
Each city page covers the working LTC band, spread to Term SOFR, term and basis ranges, the active local-and-regional lender options, common takeout paths, and the specific underwriting items lenders price as discrete line items.
Primary New Hampshire cities
Secondary New Hampshire cities
How property insurance gates New Hampshire CRE financing.
Review insurance for the property’s location, use and hazards. Obtain a current quote and confirm the lender’s coverage, deductible and reserve requirements before finalizing the financing budget.
Site-specific factors can still trigger heightened lender review even outside catastrophe-exposed states. Special Flood Hazard Area (SFHA) location, hail / tornado history at the asset, seismic-zone proximity (e.g., New Madrid corridor states), and wildland-urban interface (WUI) exposure on Western assets. Confirm the insurance schedule with a state-licensed commercial property broker at LOI.
- Pillar: property insurance as financing gatekeeper →
- Tool: state insurance gating matrix →
- Hub: property insurance and CRE financing →
Educational only, not insurance, legal, or tax advice. Insurance market conditions change; engage a state-licensed commercial property broker on every deal.
Which lenders compete in New Hampshire.
New Hampshire's institutional lender pool is meaningfully deeper than the state's metro sizes would suggest because of the I-93 Boston-spillover thesis and the resulting lender-treated-as-Greater-Boston multifamily pipeline. The agencies, the major life companies, and the CMBS desks all quote southern New Hampshire multifamily as part of their broader Greater Boston coverage. The broader Northeast regional and money-center bench competes aggressively on $5 to 25M southern New Hampshire CRE deals.
Sponsors typically draw 5 to 8 institutional bids on a well-positioned $10 to 25M Manchester or Nashua multifamily or industrial deal and 4 to 6 on a comparable Portsmouth Seacoast deal. Bridge debt funds are active on southern New Hampshire value-add multifamily and selective Portsmouth Seacoast hospitality and mixed-use repositioning.
Frequently asked questions
How does New Hampshire's no-income-tax framework affect CRE?
New Hampshire imposes neither a statewide personal income tax nor a statewide sales tax, one of only two U.S. states with both characteristics. (A small interest-and-dividends tax is being phased out and a separate business profits tax does apply.) The framework is one of the central drivers of sustained net in-migration from Greater Boston, which supports the I-93 corridor and Seacoast multifamily demand thesis. The framework also drives meaningful cross-border retail demand from Massachusetts, which supports New Hampshire grocery-anchored and big-box retail.
How does New Hampshire property tax affect CRE underwriting?
Materially. New Hampshire funds local services largely through property tax and has one of the highest effective commercial property-tax burdens in the country, total effective burden routinely runs 2.0% to 3.0% of fair market value depending on the jurisdiction. Lenders model conservative tax-burden assumptions that reflect the high effective rate, which materially affects sized proceeds on stabilized debt across the state. The no-income-tax / high-property-tax tradeoff is a structural feature of every New Hampshire CRE underwriting.
What is the typical southern New Hampshire multifamily LTV in the current market?
70 to 80% LTV for stabilized agency execution on Class A and B+ assets across Manchester, Nashua, and the I-93 corridor. Workforce-housing assets routinely support 80% on agency programs given the stability of demand and the Boston-spillover thesis. Property-tax burden modeling is central to lender DSCR calculations. Bridge debt funds will go higher on value-add product.
What is driving the Portsmouth Seacoast market?
Sustained second-home and primary-residence in-migration from Greater Boston, reinforced by New Hampshire's no-income-tax framework, supports premium multifamily, hospitality, and grocery-anchored retail demand across the Seacoast. The broader Strafford and Rockingham County coastal corridor. Portsmouth, Dover, Hampton, the New Castle area, has been one of the more successful Northeast Seacoast in-migration stories of the past decade.
Are New Hampshire commercial loans typically non-recourse?
Yes for institutional executions. Agency, CMBS, life-company, and most national debt-fund executions are non-recourse with standard bad-boy carve-outs. Construction and bridge loans from regional banks frequently require partial recourse during construction or lease-up.
What is New Hampshire's transfer tax structure for commercial property?
New Hampshire imposes a real estate transfer tax of $0.75 per $100 of consideration (0.75%) on each side of the transaction (buyer pays $0.75/$100 and seller pays $0.75/$100), for a combined burden of 1.50% of consideration. The combined 1.50% transfer-tax burden is among the higher in the Northeast and is a meaningful closing-cost input that lenders model on every commercial transaction.
What construction debt is available in New Hampshire right now?
Multifamily construction is most active along the I-93 corridor (Manchester, Nashua, and the broader southern New Hampshire submarkets) where the going-in basis supports stabilized refi and the Boston-spillover thesis is strongest. Seacoast multifamily and mixed-use construction in Portsmouth and Dover is selective but available. Industrial construction along I-93 draws bank and life-company competition. Office construction is largely closed except for credit-tenant build-to-suit.