PRESS
RELEASE
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WINTER & COMPANY
COMMERCIAL REAL ESTATE
FINANCE closes a $21,000,000
Shopping Center Refinance
for a 185,000SF Grocery
Anchored Center in
Brewster, New York |
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For
Immediate Release: New
York: Winter & Company
has successfully arranged new financing
for a 185,000 SF shopping center
anchored by A&P and Rite Aid
in Brewster, NY. The center includes
135,000 SF of newly constructed
space and 50,000 SF of renovated
space that formerly housed a smaller
A&P store. The property was
developed and is operated by a
prominent real
estate firm in the area.
Henry Berliss of Winter & Company
Commercial closed the loan with
a New York-based conduit lender. The 10-year mortgage was arranged
with no points to the lender and
a fixed rate of 6.01%. The loan
closed on
December 18, 2002.
The center is now achieving full occupancy as a family-oriented property.
The transaction, which was structured as an earn-out, required a lender
willing both to lend enough at first based on less than 90% occupancy
to replace development loans, and also willing to commit to the full
loan amount based on higher occupancy to be in place within up to one
and a half years from loan closing, that will enable the owners to recover
a portion of their equity.
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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