New York, February 15, 2006

W Financial successfully funded a $3,000,000 mezzanine loan subordinate to a $19,000,000 construction loan for the transformation of a garage to a luxury residential loft condominium building on Manhattan's Upper East Side.

Most of the housing stock on the Upper East Side consists of "cookie-cutter" white brick apartment buildings, however this project will stand out because the SoHo/TriBeCa-like product with spacious full floor, high-volume units will easily distinguish itself from the typical available fare. It is expected that the large, family-oriented units, ranging from 2,500 - 4,900 square feet will sell quickly.

Winter & Company (www.winter1.com) specializes in providing advisory services as well as both institutional and private mortgages to commercial real estate owners and professionals nationwide. It's affiliate, W Financial (www.w-financial.com) 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.