For Immediate Release: New York: Winter & Company Commercial has closed a 5.64% $3,498,300 blanket mortgage for a 7-building portfolio of multi-family and mixed-use properties in Park Slope, Cobble Hill and Brooklyn Heights. The borrower traded in a motley collection of mortgages at much higher interest rates that were held by local savings banks for a single, fixed-rate mortgage that will vastly improve cash flow as well as simplify the owner/manager's administration tasks.

The loan amount represents modest leverage of 30% with little cash out. As the various properties had been held for years in a combination of trusts, corporations as well as individual ownership, in order to avoid an unpleasant tax event, we needed to structure the loan so as to avoid transferring the assets to a single ownership entity.

The portfolio included: 1) a 19-unit, 6-story pre-war elevator apartment house on Hicks Street in Brooklyn Heights, 2) a 14-unit, 5-story renovated brownstone walk-up on Clinton Street in Cobble Hill, 3) a mixed-use property consisting of 5 apartments, one retail unit and one professional unit on Montague Street in Brooklyn Heights, 4) a 12-unit walk-up on Kane Street in Cobble Hill, 5) a 9-unit Brownstone on Henry Street in Brooklyn Heights, 6) a 16-unit, four-story landmark walk-up building on Second Street in Park Slope, and 7) a 13-unit, 4-story walk-up building on Baltic Street in Cobble Hill.

The loan has a fixed rate of 5.64% and will amortize on a 25-year schedule. Gregg Winter arranged this loan, which closed on September 4th, 2002.

Winter & Company specializes in providing advisory services as well as both institutional and private mortgages to commercial real estate owners and professionals nationwide. Its affiliate, W Financial is a direct private bridge and mezzanine lender providing short-term, special situation financing to developers, owners and investors. If you are an accredited investor and would like to learn more about investing in the Fund, visit PrivateMortgageInvestment.com