Short answer: apartment debt in southern New Hampshire is not under broad pressure, but one Manchester loan is. On the screen below, 4 of 84 loans carry a warning sign, $38.1 million of $620.6 million, and only one of them is in workout. It is also the loan that matures first.
Manchester and southern New Hampshire debt questions, answered
Are any Manchester apartment loans in workout?
Yes, one: a $25.8 million loan on a 320-unit Manchester building built in 1973, in workout since August 2024 and 90+ days late, with a balloon due in September 2028. It is the only loan in workout among the 84 on apartment buildings in Hillsborough, Rockingham and Strafford counties, measured 16 October 2026.
How much apartment debt matures in southern New Hampshire in the next few years?
Two loans, $41.8 million of the $620.6 million in the screen, mature before 2031: the $25.8 million workout loan in September 2028 and a $16.1 million loan on a 96-unit Rochester building in November 2029. Both are interest-only balloons, and no other loan in the screen matures before 2031.
What does a 90+ days late loan in Manchester mean for a lender or a buyer?
It means the loan deserves a call, not that the owner will sell. The Manchester loan has been in workout since August 2024, is interest-only at 5.5% with a September 2028 balloon, and reports 73% occupancy against a median of 98% across the 23 loans that report it. Those are the facts a lender or a buyer would want to check first.
How do I find these loans and the owners behind them?
Signals returns the list for a territory you choose, each property with the reason it is on it and the owner behind it, in your email or CRM. Ask for the Manchester list or your own county and we will run it for you.
Is southern New Hampshire apartment debt under stress?
Not broadly. 4 of the 84 loans carry a warning sign, $38.1 million of $620.6 million, and the one workout is 1.2% of loans and 4.2% of debt in the screen. The pressure is concentrated in one Manchester building, not spread across the three counties.
The screen at a glance
Scope: loans on apartment buildings of any size in Hillsborough, Rockingham and Strafford counties, one building per loan. Measured 16 October 2026 on loan data dated 28 September to 1 October 2026.
| Measure | Loans | Debt | Units |
|---|---|---|---|
| All loans in the screen | 84 | $620.6M | 6,573 |
| Under pressure (any sign below) | 4 | $38.1M | 527 |
| In workout and 90+ days late | 1 | $25.8M | 320 |
| Reported coverage between 0.2x and 1.0x | 3 | $12.3M | 207 |
| Maturing before 2031 | 2 | $41.8M | 416 |
The workout loan is counted once. Its reported coverage is below 0.2x, a reading we could not confirm against its status and occupancy, so it is flagged by status, not by coverage.
The loan in workout
It is a $25.8 million loan on a 320-unit Manchester building built in 1973. It has been in workout since August 2024 and is 90+ days late. It reports 73% occupancy, against a median of 98% across the 23 loans in the screen that report occupancy, and it is the only one of the 23 below 90%. The loan is interest-only at 5.5% with a balloon due in September 2028.
8 loans in the screen list Manchester as their city (917 units, $86.8 million). 20 more Hillsborough loans (1,477 units, $185.7 million) have no city on record, and Manchester is the largest city in that county, so the Manchester totals are a floor and the share below is an upper bound. This one building is 35% of those 917 units and 30% of that $86.8 million, so among the loans that name Manchester it weighs heavily, while the three counties as a whole do not look stressed.
The maturity wall is two loans
| Maturity | Loans | Debt |
|---|---|---|
| 2028 | 1 | $25.8M |
| 2029 | 1 | $16.1M |
| 2030 | 0 | n/a |
The 2029 loan is $16.1 million on a 96-unit Rochester building built in 2016, current at the last report, with 1.80x coverage at 3.9%. Both loans maturing before 2031 are interest-only balloons. No other loan in the screen matures before 2031, so a buyer or lender looking for near-term refinancing need in this area has two names to start with, one of them already in workout.
The other three flags are not near-term
Three loans report coverage between 0.2x and 1.0x: 0.46x on 80 units, 0.88x on 23 units and 0.99x on 104 units, $12.3 million in all. Their rates run from 3.07% to 4.5% and they mature between 2049 and 2059. Coverage that low is worth a call, but nothing forces these owners to act in the next few years.
What the data does not show
Payment status is reported on only 2 of the 84 loans ($41.8 million), so the late count is a floor, not a ceiling. Coverage is reported on 20 loans ($134.0 million); across the 19 readings of 0.2x or higher the median is 1.21x. A county with few reporting loans can hide stress that the record has not caught up with yet, which is why a screen like this is a starting list, not a verdict.
How this was produced
Titleman reads loan, property and ownership records across 2,100+ sources and keeps the date of each fact. For this page we took every live loan secured by one apartment building in Hillsborough, Rockingham and Strafford counties, excluded defeased loans (none were found), and counted a loan as under pressure if it is 30+ days late or in default, in workout, or reports coverage between 0.2x and 1.0x (lower readings could not be confirmed and were left out of that count). Coverage, occupancy and payment status are the figures as reported with each loan, not our estimates.
What this does not replace
It is not an appraisal, a credit opinion or a view on any one borrower. A warning sign says a loan deserves a call, not that the owner will sell, and a loan with no sign can still be a good conversation. A licensed professional reviews every property before anyone acts on it.
Run it on your county
Signals returns this list for a territory you choose, each property with the reason it is on it and the owner behind it, in your email or CRM. Ask for the Manchester list or your own county and we will run it live, filtered to the assets you buy or lend on.
Prepared by Titleman AI, on behalf of the Titleman team.