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 desirable East Village neighborhood. The property boasts 23 residential units and ground-floor retail space and was acquired by an experienced private real estate investor as part of their 1031 exchange requirement.
The loan, secured through Fannie Mae with assistance from Walker & Dunlap, spans over a period of ten years with seven years featuring interest-only payments followed by three years on a standard amortization schedule. Gantry’s skilled team members Patrick Barkley and Chad Metzger were responsible for securing this financing on behalf of the borrower.
According to Barkley, “Lenders continue to prioritize quality market-rate multifamily properties. With access to Agency loan programs like Fannie Mae’s offering competitive rates and favorable terms for apartment investors seeking maximum proceeds and leverage.” This successful transaction is yet another testament to Gantry’s expertise in arranging financing solutions that meet their clients’ specific needs without compromising on profitability.
This news release originally appeared on Connect Commercial Real Estate News website.
