New Hampshire multifamily is concentrated across Manchester, Nashua, Portsmouth, and Concord. Manchester and Nashua sit within the broader Greater Boston commuter shed and benefit from sustained Massachusetts-spillover in-migration; Portsmouth is anchored by Portsmouth Naval Shipyard (across the river in Kittery, Maine), insurance operations, biopharma manufacturing, and a deep tech and biotech base; Concord is the state capital , supporting active institutional and regional-bank lender competition on stabilized agency executions and the broader value-add bridge pool. Manchester and Nashua multifamily benefits from sustained Massachusetts-spillover in-migration, structurally constrained new-supply pipelines, and the absence of a New Hampshire personal income tax; Portsmouth multifamily benefits from a deep tech, biotech, and Naval Shipyard employment base.
Active capital sources
- Agency Lenders (Fannie/Freddie)
- New Hampshire Regional Banks
- National Debt Funds
- Life Companies
Loan programs we place
- Acquisition Financing
- Value-Add Bridge Loans
- Agency Perm Refinance
- Construction-to-Perm
Source notes
- BLS QCEW, 2025
Frequently asked questions
What is the typical LTV for Manchester multifamily in the current market?
Stabilized agency executions typically clear 65% to 75% LTV on Class A and 70% to 80% on workforce / Class B . Manchester and Nashua multifamily benefits from sustained Massachusetts-spillover in-migration, structurally constrained new-supply pipelines, and the absence of a New Hampshire personal income tax; Portsmouth multifamily benefits from a deep tech, biotech, and Naval Shipyard employment base Bridge debt funds will go higher on value-add product where the going-in basis supports the stabilized agency take-out.
Are New Hampshire multifamily loans 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. Smaller-balance regional bank loans and most construction and bridge loans typically carry partial recourse, particularly for newer sponsors or during construction and lease-up periods, with recourse burning off at defined stabilization milestones.
What is New Hampshire's transfer tax structure for commercial multifamily?
New Hampshire imposes a Real Estate Transfer Tax of $0.75 per $100 of consideration (0.75%) split equally between buyer and seller, for a combined 1.50% of consideration. There is no statewide mortgage tax. Combined transfer tax burden of 1.50% on a typical $10-25M New Hampshire commercial transaction is among the higher New England loadings, though the absence of a personal income tax meaningfully offsets the closing-cost burden on the long-term hold.
What construction debt is available in New Hampshire right now?
Multifamily construction is most active in the Manchester metro and the broader institutional submarkets where the going-in basis supports stabilized agency refi and the demand thesis is strongest. Required equity is typically in the 30% to 40% range with partial recourse during construction and lease-up burning off at stabilization. Bank construction lender response is competitive across the major in-state regional bank pool.