For Immediate Release: New York: WINTER & COMPANY MORTGAGE SERVICES negotiated and closed a $6,800,000 multi-purpose/multi-phased mortgage on a 40,000SF loft office building located on West Street in the Chelsea section of Manhattan.

To accommodate the needs of the purchaser, whose corporate headquarters will occupy three floors containing a total of 22,000SF, the mortgage was structured to contain an acquisition/ bridge/ construction phase before converting into a permanent mortgage.

The building was acquired with below-market leases with 18 months remaining on their terms. The bridge phase of the financing allowed the borrower to acquire the building and to comfortably carry it while making preparations for the construction. $2,900,000 of the loan amount includes interest carry and soft costs associated with the bridge and construction phases.

An art gallery will occupy the ground floor, which has 14-foot ceilings and spans a corner location opposite the Chelsea Piers. The three floors above will serve as the purchaser’s corporate headquarters. A new floor will be added to the top of the building allowing for the creation of two new large duplex units.

The underwriting took into account the strength of the corporate borrower as well as the merits of the property—which actually appreciated in value while in contract.

The bridge and construction phases of the mortgage will float over prime and require payments of interest-only.

Gregg Winter, President arranged this unique mortgage with a west coast-based lender.

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