For Immediate Release: New York: Winter & Company has placed a new $5,000,000 underlying mortgage on a prime 100-unit cooperative located on West 72nd Street near Riverside Drive on Manhattan's Upper West Side. The terms include an interest rate of 6.75%, fixed for 10 years, amortizing on a 20-year schedule. The loan was structured with a forward commitment that allowed the co-op to avoid paying any pre-payment penalty on its old mortgage (held by the original sponsor), yet allowed the board to lock in a low rate at will in the midst of a volatile interest rate environment.

Winter & Company also arranged for additional financing in the form of a $250,000 unsecured line of credit with a current available interest rate of approximately 5.6%, which will provide an inexpensive source of funds in the event that the co-op encounters unforeseen capital expenditures in the future. There will be substantial interest rate savings on the new mortgage that will enable the co-op to build up its reserve fund, nevertheless the board felt it was wise to have a source of low-cost financing available for future contingencies.

Henry Berliss and Gregg Winter handled this loan, which closed on June 28th.

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