Photo courtesy of Newmark

The owner of a huge apartment complex in Derry has secured new debt.

Makor Capital landed a $143.1 million refinancing from Fannie Mae for The Fairways, an 849-unit class B apartment complex located at 1 Forest Ridge Road.

Commercial brokerage Newmark arranged the financing.

The company said in its announcement of the deal that it’s been working with Makor on financing deals for “over 20 years.” In this deal, it said, the financing package included an early rate-lock on a 10-year loan term with full term interest only to take advantage of a dip in interest rates, but underwritten with a 35-year amortization.

“Fairways has experienced a substantial increase in value since we acquired the asset in late 2016,” Chris Wyett, founder of Makor, said in a statement provided by Newmark. “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.”

Fairways is a garden-style community constructed in 1984 and featuring 849 units and a number of amenities in a variety of two-, three- and four-story buildings on 108 acres.

“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,” Newmark Vice Chairman Ed Belz said in a statement.