Winter & Company closes a $4,500,000 30-year fixed rate mortgage and credit facility for a 100-unit cooperative on Manhattan's Riverside Drive. The financing package includes a $1,000,000 unsecured credit line.

The co-op's current mortgage was nearing maturity so the Board engaged Winter & Company to provide the new financing. The new terms include a 30-year fixed interest rate of 5.9%, amortizing on a 30-year schedule.

Additionally, Winter & Company arranged financing in the form of an unsecured $1,000,000 credit line at a rate of only PRIME + .25%, which provides inexpensive funding for the co-op should they wish to do future capital improvements.

Gregg Winter, President of Winter and Company, arranged the loan which closed on February 14, 2004.

A new $4,700,000, 5.82% 30-year fixed rate mortgage was arranged for a 118-unit Yonkers, New York cooperative by Winter & Company with bridge financing provided by W Financial.

Winter & Company arranged a $4,700,000, 30-year fully self-liquidating loan at a fixed rate of only 5.82%, priced at 179 basis points above the 10-year Treasury. However, the co-op did not have enough money in their reserves to pay for the lender's 2% good faith deposit fee so Winter & Company's bridge-lending affiliate, W Financial, stepped up to the plate. The Fund provided a second mortgage bridge loan of $120,000 that closed quickly enabling the borrower to take advantage of the attractive terms being offered by the first mortgage lender.

The co-op's new 30-year fixed rate mortgage has a supplementary financing provision that will allow them to borrow additional funds if needed, several times during the loan term. During the second half of the loan term, the prepayment penalty will be only 1% providing maximum flexibility.

A 43-acre Chicago-area apartment complex refinances with a $4,150,000, 5.84% 30-year fixed-rate fully self-liquidating loan. During years 16-30 of the loan term the pre-payment penalty will drop to only 1% of the then-remaining loan balance.

This garden apartment complex contains 388 town home units in 76 two-story buildings. The majority of the loan proceeds will be used for capital improvements on the property with the balance to be added to their reserves.

The $4,150,000 30-year fixed rate loan has a rate of 5.84%, priced at only 166 basis points above the 10-year Treasury note rate. Gregg Winter, President of Winter & Company, closed the loan with one of our most competitive lenders. During years 16 - 30 of the loan term the pre-payment penalty will drop to only 1% of the then-remaining loan balance, giving the borrower maximum flexibility in the loan's later years.

The borrower will also be able to access additional funding if needed, multiple times throughout the course of the 30-year loan term.

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Winter and Company has closed a 4.75%, $3,670,000 first mortgage refinance for a former Class "A" office building that has been converted to residential lofts located on Ann Street near City Hall in Manhattan.

Gregg Winter, President, was able to tailor a 4.75%, ten-year mortgage for this 7 story, 34,000 SF mixed-use rental property. This building is located in an area of downtown Manhattan that is benefiting handsomely from various programs including a special tax-incentive program. The 421-G tax abatement applies to now-outmoded office properties being converted to residential use.

The borrower opted for a non-recourse loan with a very modest and predictable pre-payment penalty rather than an alternative loan with a lower rate, a longer term, and a standard yield-maintenance pre-payment penalty.

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