New York:

Winter & Company has successfully refinanced the underlying mortgage for a cooperative building in Mt. Kisco, in Westchester County, New York. The building contains 99 units, of which 20 are sponsor-owned.

The co-op board was seeking a new low 10-year fixed rate mortgage to reduce their monthly payments, with surplus proceeds for repairs and capital improvements. However, the co-op did not have enough money in their reserves to pay the Lender's 2% good faith deposit fee so Winter & Company's bridge-lending affiliate, W Financial, stepped up to the plate. The Fund quickly provided a second mortgage bridge loan that enabled the borrower to take advantage of the attractive terms being offered by the new first mortgage Lender.

Gregg Winter, President of Winter & Company, arranged the new $3,600,000 10-year fixed rate mortgage at an interest rate of only 5.26% (based on a spread of 83 basis points above the 10-year Treasury), reducing the co-op's previous interest rate of 7.27% by over 2 points! The loan closed on December 28, 2005.

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 www.PrivateMortgageInvestment.com.