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7th Street Apartments

New York, NY





February 21, 2024



Acquisition of 23-Unit Apartment Building with Ground Floor Retail Meets Timely 1031 Exchange Requirement; Agency Permanent Loan Offers Long Period of Interest Only Terms at Attractive Rate

New York, N.Y. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $9 million permanent loan for the acquisition of a 23-unit, walk up apartment building with ground floor retail space located at 47 East 7th Street in New York City’s East Village neighborhood. The loan supported the sponsor’s timely 1031 exchange requirement, financing the acquisition of a market rate multifamily asset in a strong Manhattan residential submarket. The building also supports a telecommunications antenna on its roof.

Gantry’s Patrick Barkley, Principal, and Chad Metzger, Senior Associate, with the firm’s Phoenix production office secured the loan on behalf of the borrower, a private real estate investor. The permanent 10-year loan from Fannie Mae was secured through Walker & Dunlap, with terms featuring seven years of interest only payments followed by three years at 30-year amortization.

According to Gantry’s Patrick Barkley, “Quality, market rate multifamily remains a prioritized allocation for most lenders. Access to Agency loan programs offer apartment investors an additional option for identifying a loan that maximizes both proceeds and leverage at the best available rate. The requirement was reviewed by our team against Gantry’s extensive roster of life company correspondents, banks, credit unions, and conduit lenders before landing on this Agency loan, which offered interest only payments to maximize operational cash flows before transitioning to an amortizing structure in its final three years. Gantry’s ability to compare all available options and close to meet our client sponsor’s timely 1031 exchange requirement highlights the value of a commercial mortgage expert to optimize the financing process.”

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