Portfolio Of Properties – New York City And Upstate New York
$11,500,000 Bridge Loan | Term: 1 year | Loan to value ratio = 54%
A blanket mortgage covering three adjacent Greenwich Village investment properties, two Chelsea penthouse apartments, a 14,000 sq. ft. Chelsea commercial building, and an estate on 200+ acres of land on the Hudson River in Upstate New York. The surplus proceeds of our bridge financing will pay for extensive renovations to several of the properties, satisfy various obligations and establish a payment reserve. The Borrower expects to sell several of the real estate assets over the next year. Our bridge loan will solve the Borrower's short-term cash flow problems. This 54% loan-to-value blanket mortgage is enhanced by a strong personal guarantee from the Borrower.
$10,000,000 Bridge Loan for a portfolio of properties including land,
a gallery building and Highline Transferable Development Rights
on West 21st and West 24th Streets
A $10,000,000 bridge loan was closed, collateralized by various assets which include a first mortgage on a West Chelsea Gallery building on West 21st Street, a first mortgage on 4,000SF of land under the High Line on West 24th Street, a pledge of ownership interests in a ground-up condominium development on Tenth Avenue, and 37,110 SF of High Line transferable development rights currently in hard contract to a major national developer.
The High Line, originally an elevated railway built in the 1930’s to speed the transportation of goods in and out of Manhattan, is a unique public amenity-in-the-making. Plans have been approved to turn the High Line into an elevated park similar to the Promenade Plantée in Paris further transforming and giving added vitality to Manhattan’s West Chelsea art district. The area has also been attracting some of New York’s most compelling architects and developers as its old industrial buildings give way to condominiums and rentals. The special High Line transferable air rights were approved to compensate those land owners who must restrict development under and adjacent to the High Line.
$5,000,000 First Mortgage Bridge Loan,
Upper West Side, NYC
First Mortgage Bridge Loan for a 5-story, 9-unit building off Riverside Drive on Mannhattan's Upper West Side. The loan will be repaid upon the subsequent closing of a construction loan. The property will be developed into a 16-story luxury condominium building.
64-unit Motel Conversion to 33 Condominium Units Hampton Bays,
Long Island $2,650,000 First Mortgage Pre-development Bridge Loan
A $2,650,000 first mortgage pre-development bridge loan was funded for the conversion of a 64-unit motel to 30 luxury condominium units. Our loan will fund a lease buyout and various pre-development expenses.
$3,900,000 First Mortgage Bridge Loan, Palmetto Bay, Florida
A borrower's 1031 tax-free exchange was rescued with this rapid-close bridge loan. This leasehold mortgage loan on a brand-new triple net-leased Walgreens in Palmetto Bay, Florida went from first phone call to closing within 10 days.
Upper East Side Multifamily Townhouse being converted to Single-Family $2,600,000 First Mortgage Loan | Term: 1 year
The Borrower, a very successful owner of a construction company, acquired this property for $3,737,500 and will immediately renovate and convert it to a single-family residence. Single-family town homes in Manhattan are in short supply and tend to sell at a premium compared to multi-unit townhouses.
Grand Street, NYC / Office Building with Retail
$2,100,000 Acquisition Bridge Loan | Term: 12 months
This $2,100,000 bridge loan closed in only 10 days from the initial offer for the acquisition of a mixed-use (office and retail) property on Manhattan's Lower East Side. The Borrower was in contract to purchase the old building with the intent of renovating it. There was an issue, however, of a time-of-the-essence 1031 tax-free exchange deadline where the construction lender was not yet ready to close on the acquisition. Clearly, the Borrower did not want to lose the tax benefits of the 1031. Winter & Company was able to coordinate quick-close acquisition financing, allowing the Borrower ample time to organize the construction financing necessary to gut and renovate the property.
$2,000,000 First Mortgage Bridge Loan
East Houston Street, New York Term: 1 year
Winter & Company's affiliate W Financial successfully closed a $2 million first mortgage bridge loan primarily collateralized by 2 contiguous development sites on East Houston Street in the East Village. Additional collateral is provided by an East Side condominium, a waterfront home in Long Island and a three-family investment property jointly owned by the pricipals and three personal guarantors.
Industrial Property – Red Hook, Brooklyn, NY $1,025,000 First Mortgage Loan | Term: 18 months | Loan to value ratio = 65%
Partially owner-occupied 22,500 SF one-story industrial building in Red Hook, Brooklyn. Owner occupies 8,600 SF, runs a contracting/woodworking business and has 2 tenants, 1 with 7,500 SF paying $52,800 per year and the other with 6,400 SF paying $37,800 per year. Roof and sprinkler systems have just been upgraded utilizing the loan proceeds. Borrower was seeking to inject working capital into his business and to improve his credit profile during the loan term. Borrower plans to refinance before the end of loan term with conventional bank financing. The interest-only loan is being personally guaranteed by the principal.
Restaurant/Lounge – Sag Harbor, Long Island, NY $1,100,000 First Mortgage Loan | Term: 1 year | Loan to value ratio = 44%
11,000 SF mixed-use property (primarily an 8,000 SF restaurant/lounge) facing the marina front in Sag Harbor, Long Island. This prime Hamptons property (both the real estate and the operating entity) was purchased for $2,500,000 in August 2003. It is owner-occupied and the three principals have strong personal guarantees. The owners derive additional income from apartment rentals and several caterers’ off-season use of the 2 professional kitchens. The borrowers plan to resolve various violations during the course of this year (for which the Fund is escrowing $50,000), and then to refinance with a conventional institution.
$1,000,000 participation in a Second Mortgage Bridge Loan for five contiguous development sites in downtown Brooklyn, NY
$1,000,000 participation in a second mortgage bridge loan for an exceptional development site in downtown Brooklyn for a successful, highly respected developer who had assembled 5 continguous sites off Flatbush Avenue. Having acquired the area for only $133 per buildable square foot, a 35-story, 220,000 square foot, 214-unit condominium tower will be erected, offering tenants breathtaking views of Manhattan and Brooklyn skylines.
Williamsburgh, Brooklyn - Bridge Loan for Condo Development Site $500,000 First Mortgage Loan | Term: 1 year
This is a $500,000 first mortgage/bridge loan on a fully entitled building parcel in Williamsburgh, Brooklyn. Approved building plans are now in place for a 9-story condominium building which will have excellent city views, artist studios and parking. The developer purchased the land all cash approximately a year ago for $927,000. Values in this neighborhood have increased drastically in the past year. Our bridge loan will help to pay pre-development expenses and will be retired once the construction loan closes.
Historic Brownstone Renovation - West 132nd Street, Harlem, NYC $500,000 First Mortgage Bridge Loan | Term: 1 year | Loan to value ratio = 59%
An acquisition/construction loan for two active real estate investors who were fortunate to purchase this already partially renovated 3,932 SF Harlem Brownstone from an estate. A quick closing was essential for them, thus the Fund was the right solution. The property was appraised on an as-completed basis. The lender held a $200,000 construction reserve, which was released during the term of the loan as the renovation proceeded with requisitions subject to the review and approval of the lender's construction consultant. The loan was personally guaranteed by the principals who successfully renovated, rented and refinanced the property with conventional bank financing.
Condominium conversion - West 20th Street, Chelsea, NYC $625,000 Second Mortgage Bridge Loan | Term: 1 year | Loan to value ratio = 30%
This second mortgage was placed on a 9-unit rental property being converted to a condominium. Winter & Company originally arranged the first mortgage to finance the developer's acquisition back in 2000. The developer will use the loan proceeds to finish the units and to provide a down payment for another conversion project. We will initially have a second mortgage on the entire building. Within a short time, the current first mortgage will be refinanced and then once the condominium plan becomes effective and separate tax lots are created, we will have a first mortgage on three of the condominium units, including 2 newly constructed penthouse units. At all times, the total loan to value ratio will be less than 50%. As the condominium units are sold, the sale proceeds will be utilized to repay the loan.
Golf Course construction - Connecticut $350,000 Second Mortgage Loan | Term: six months | Loan to value ratio = 28%
This is a second mortgage on a 377-acre, nearly completed, Tom Fazio-designed golf course in northwest Connecticut. The Fund is also secured by a first mortgage on a key 13.5-acre parcel, which is crucial for the permitting of the clubhouse. 167 of 300 memberships (which are currently selling for $115,000 each) have already been sold, and our affiliate, Winter & Company is arranging a new $6 million first mortgage with a Connecticut bank. This bridge financing will expedite the completion of course construction and then will be repaid within several months when the new first mortgage closes.
A blanket mortgage covering three adjacent Greenwich Village investment properties, two Chelsea penthouse apartments, a 14,000 sq. ft. Chelsea commercial building, and an estate on 200+ acres of land on the Hudson River in Upstate New York. The surplus proceeds of our bridge financing will pay for extensive renovations to several of the properties, satisfy various obligations and establish a payment reserve. The Borrower expects to sell several of the real estate assets over the next year. Our bridge loan will solve the Borrower's short-term cash flow problems. This 54% loan-to-value blanket mortgage is enhanced by a strong personal guarantee from the Borrower. 
A $10,000,000 bridge loan was closed, collateralized by various assets which include a first mortgage on a West Chelsea Gallery building on West 21st Street, a first mortgage on 4,000SF of land under the High Line on West 24th Street, a pledge of ownership interests in a ground-up condominium development on Tenth Avenue, and 37,110 SF of High Line transferable development rights currently in hard contract to a major national developer.
First Mortgage Bridge Loan for a 5-story, 9-unit building off Riverside Drive on Mannhattan's Upper West Side. The loan will be repaid upon the subsequent closing of a construction loan. The property will be developed into a 16-story luxury condominium building.
A $2,650,000 first mortgage pre-development bridge loan was funded for the conversion of a 64-unit motel to 30 luxury condominium units. Our loan will fund a lease buyout and various pre-development expenses.
A borrower's 1031 tax-free exchange was rescued with this rapid-close bridge loan. This leasehold mortgage loan on a brand-new triple net-leased Walgreens in Palmetto Bay, Florida went from first phone call to closing within 10 days.
This $2,100,000 bridge loan closed in only 10 days from the initial offer for the acquisition of a mixed-use (office and retail) property on Manhattan's Lower East Side. The Borrower was in contract to purchase the old building with the intent of renovating it. There was an issue, however, of a time-of-the-essence 1031 tax-free exchange deadline where the construction lender was not yet ready to close on the acquisition. Clearly, the Borrower did not want to lose the tax benefits of the 1031. Winter & Company was able to coordinate quick-close acquisition financing, allowing the Borrower ample time to organize the construction financing necessary to gut and renovate the property.
Winter & Company's affiliate W Financial successfully closed a $2 million first mortgage bridge loan primarily collateralized by 2 contiguous development sites on East Houston Street in the East Village. Additional collateral is provided by an East Side condominium, a waterfront home in Long Island and a three-family investment property jointly owned by the pricipals and three personal guarantors.
Partially owner-occupied 22,500 SF one-story industrial building in Red Hook, Brooklyn. Owner occupies 8,600 SF, runs a contracting/woodworking business and has 2 tenants, 1 with 7,500 SF paying $52,800 per year and the other with 6,400 SF paying $37,800 per year. Roof and sprinkler systems have just been upgraded utilizing the loan proceeds. Borrower was seeking to inject working capital into his business and to improve his credit profile during the loan term. Borrower plans to refinance before the end of loan term with conventional bank financing. The interest-only loan is being personally guaranteed by the principal.
$1,000,000 participation in a second mortgage bridge loan for an exceptional development site in downtown Brooklyn for a successful, highly respected developer who had assembled 5 continguous sites off Flatbush Avenue. Having acquired the area for only $133 per buildable square foot, a 35-story, 220,000 square foot, 214-unit condominium tower will be erected, offering tenants breathtaking views of Manhattan and Brooklyn skylines.
This is a $500,000 first mortgage/bridge loan on a fully entitled building parcel in Williamsburgh, Brooklyn. Approved building plans are now in place for a 9-story condominium building which will have excellent city views, artist studios and parking. The developer purchased the land all cash approximately a year ago for $927,000. Values in this neighborhood have increased drastically in the past year. Our bridge loan will help to pay pre-development expenses and will be retired once the construction loan closes.
An acquisition/construction loan for two active real estate investors who were fortunate to purchase this already partially renovated 3,932 SF Harlem Brownstone from an estate. A quick closing was essential for them, thus the Fund was the right solution. The property was appraised on an as-completed basis. The lender held a $200,000 construction reserve, which was released during the term of the loan as the renovation proceeded with requisitions subject to the review and approval of the lender's construction consultant. The loan was personally guaranteed by the principals who successfully renovated, rented and refinanced the property with conventional bank financing. 
This second mortgage was placed on a 9-unit rental property being converted to a condominium. Winter & Company originally arranged the first mortgage to finance the developer's acquisition back in 2000. The developer will use the loan proceeds to finish the units and to provide a down payment for another conversion project. We will initially have a second mortgage on the entire building. Within a short time, the current first mortgage will be refinanced and then once the condominium plan becomes effective and separate tax lots are created, we will have a first mortgage on three of the condominium units, including 2 newly constructed penthouse units. At all times, the total loan to value ratio will be less than 50%. As the condominium units are sold, the sale proceeds will be utilized to repay the loan.
This is a second mortgage on a 377-acre, nearly completed, Tom Fazio-designed golf course in northwest Connecticut. The Fund is also secured by a first mortgage on a key 13.5-acre parcel, which is crucial for the permitting of the clubhouse. 167 of 300 memberships (which are currently selling for $115,000 each) have already been sold, and our affiliate, Winter & Company is arranging a new $6 million first mortgage with a Connecticut bank. This bridge financing will expedite the completion of course construction and then will be repaid within several months when the new first mortgage closes.