For Immediate Release: New York, January 8, 2004: Winter & Company Commercial Real Estate Finance has structured a $3,240,000 credit facility comprised of 1) a bridge loan on the borrower’s current property, 2) a LIBOR-based acquisition loan, and 3) a LIBOR-based construction loan to provide funds to transform this multifamily property into a single family home.

The bridge loan facility bears an interest rate of only 1.3% above the 30-day LIBOR rate (currently 1.1%) resulting in a rate of only 2.4%. This interest-only loan has no prepayment penalty. It will create sufficient liquidity for the borrowers to close on their acquisition prior to the sale of their current property.

The acquisition and construction loan will provide up to 70% of the acquisition, hard and soft costs needed to complete the renovation and conversion of this historic Upper West Side townhouse from six units to single family status. The lender has approved the construction plans and will permit the certificate of occupancy to be changed. The construction loan bears an interest rate of 2.25% above LIBOR (today this would result in a rate of 3.35%). Upon the completion of the construction and conversion of the certificate of occupancy, the rate will drop to 1.8% above LIBOR (today this would result in a rate of 2.9%).

The closing of this loan occurred on November 5, 2003.

Winter & Company specializes in providing advisory services as well as both institutional and private mortgages to commercial real estate owners and professionals throughout the New York metropolitan area. It’s affiliate, W Financial is a direct private bridge lender.

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