For Immediate Release: New York: Winter & Company Commercial has closed a $5,000,000 credit facility for a 6-building, 396-unit cooperative which straddles the border of Jackson Heights and East Elmhurst, Queens. The co-op, which had paid off its old underlying mortgage years earlier, obtained a new 30-year fixed-rate mortgage which will provide needed funds for extensive Local Law 11 work.

The new $4,500,000 self-liquidating mortgage offers great flexibility to the co-op because for the second half of the loan term the prepayment penalty will be only 1% of the then-remaining balance.

Winter & Company also arranged a $500,000 unsecured line of credit for the co-op with a floating rate that will equal 195 basis points above the 30-day LIBOR rate. As of today that would result in a rate of only 3.33%.

Gregg Winter arranged this loan, which closed on November 14, 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