PRESS
RELEASE
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WINTER & COMPANY
COMMERCIAL REAL ESTATE
FINANCE closes a $9,500,000
first mortgage for
a 388-unit cooperative
building on the East
Side of Manhattan |
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For
Immediate Release: New York: Winter & Company
has closed a $9,500,000 first mortgage
covering a 20-story, elevator cooperative
building containing a total of 388
apartments.
This 100% owner-occupied building
is comprised of approximately 445,729
SF of gross building area, of which
approximately 20,000 SF is allocated
to grade-level retail stores.
The 30-year loan has a 5.46% interest
rate. Of great significance to the
Borrower, the lender was able to
execute a rate lock within days of
the initial application with a good
faith deposit of only .5%. The co-op
Board wanted to refinance their first
mortgage at a lower interest rate
and raise additional funds for a
major capital improvement program.
Winter & Company originally arranged
the financing for this cooperative
in 1993 with an interest rate of
7.6% and a 15-year term. We take
particular pride in our many repeat
customers who seek our services years
after the initial transaction.
Gregg Winter, President of Winter & Company,
closed this loan on January 14, 2003.
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
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