New Hampshire office is concentrated across Manchester, Nashua, Portsmouth, and Concord, with materially different lender appetite by submarket and tenant credit profile. 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 . Portsmouth Class A office anchored by insurance, biopharma and the broader tech and biotech base is a structurally tight submarket; Manchester and Nashua office is selective.
Active capital sources
- Life Companies
- CMBS Lenders
- New Hampshire Regional Banks
- National Debt Funds
Loan programs we place
- Stabilized Class A Perm Debt
- Credit-Tenant Office Financing
- Office Bridge / Repositioning Capital
- Refinance / Recapitalization
Source notes
- BLS QCEW, 2025
Frequently asked questions
What is the current LTV for Manchester office assets?
Long-WALT credit-tenant Class A office typically clears 55% to 65% LTV through life companies and CMBS, supported by tenant credit and weighted-average-lease-term sizing . Conventional speculative office is meaningfully more selective and frequently sizes to debt yields of 10.0% or higher rather than headline LTV.
Is non-recourse debt available for New Hampshire office?
Yes for stabilized institutional executions. Life-company, CMBS, and most national debt-fund executions on long-WALT credit-tenant office are non-recourse with standard bad-boy carve-outs. Smaller-balance regional bank loans, most office bridge loans, and conversion / repositioning loans typically carry partial recourse, particularly for newer sponsors or during repositioning lease-up periods.
What is New Hampshire's transfer tax structure for commercial office?
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.
Is conventional Manchester CBD office still financeable?
Yes for stabilized Class A with strong tenancy, capital-reserve adequacy, and credible long-term tenant retention assumptions, but the lender pool is meaningfully narrower than for life-sciences, GSA-leased, or single-credit-tenant net-leased product. Smaller deals (under $50M) frequently come down to a competitive process between in-state regional banks and a couple of life-company correspondent shops. Office-to-residential conversion bridge debt is available through a focused subset of debt funds active on New Hampshire files for sponsors with experienced conversion track records.