For Immediate Release: New York: Winter and Company has closed a $3,670,000 first mortgage refinance for a former Class "B" office building that has been converted to residential lofts located on Ann Street near City Hall.

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. The loan closed on January 12, 2004.

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