Gantry, a leading commercial mortgage banking firm, has successfully arranged a $9 million permanent loan for the acquisition of a mixed-use property located at 47 East 7th Street in the vibrant East Village neighborhood. The property comprises of 23 residential units and ground-floor retail space and was acquired by an esteemed private real estate investor to fulfill their 1031 exchange requirement.
The ten-year loan, secured through Fannie Mae with assistance from Walker & Dunlap, offers seven years of interest-only payments followed by three years on a favorable amortization schedule. Gantry’s accomplished team members Patrick Barkley and Chad Metzger skillfully negotiated this financing on behalf of the borrower.
According to Barkley, “Lenders continue to prioritize quality market-rate multifamily properties as an attractive investment option. By accessing Agency loan programs like Fannie Mae’s offerings, apartment investors can secure loans that provide maximum proceeds and leverage at highly competitive rates.”
This successful transaction is another testament to Gantry’s expertise in securing optimal financing solutions for its clients.
