For Immediate Release: New York: Winter & Company and W Financial have successfully refinanced the underlying mortgage for a 118-unit, 74% owner-occupied cooperative housing corporation in Yonkers, NY.

Winter & Company arranged a $4,700,000, 30-year fully self-liquidating loan at a fixed rate of only 5.82% , priced at 179 basis points above the 10-year Treasury. However, the co-op did not have enough money in their reserves to pay for the Lender's 2% good faith deposit fee so Winter & Company's bridge-lending affiliate, W Financial, stepped up to the plate. The Fund provided a second mortgage bridge loan of $120,000 that closed quickly enabling the Borrower to take advantage of the attractive terms being offered by the first mortgage Lender.

The co-op's new 30-year fixed rate mortgage has a supplementary financing provision that will allow them to borrow additional funds if needed, several times during the loan term. During the second half of the loan term, the prepayment penalty will be only 1% providing maximum flexibility.

Gregg Winter, President of Winter & Company and Managing Member of W Financial, closed the loan on January 26, 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