For Immediate Release: New York:

Winter & Company has closed a $10,000,000 unsecured line of credit for a 41-story, 379-unit, 421,205 square-foot luxury cooperative building with 12,000 SF of retail space and a 59,000 SF garage on Manhattan’s Upper West Side.

This unique credit facility allows the Borrower to fix the rate on a portion of the loan and float the rate on the balance.  The credit facility is coterminous with an existing $16,500,000 first mortgage and will provide the needed funding for a series of major capital improvements.  This structure was necessary as the first mortgage will not mature for another 12 years and has a prepayment penalty of more than $3 million, effectively eliminating the co-op’s ability to refinance.  Furthermore, their current lender prohibits subordinate mortgages, necessitating an unsecured credit line structure.

The rate on the floating portion of the loan is based on LIBOR + 175 basis points. Gregg Winter, President, negotiated the line of credit which closed on August 22, 2005.

Winter & Company specializes in providing advisory services as well as both institutional and private mortgages to commercial real estate owners and professionals nationwide.  www.winterandcompany.com is the #1 ranked commercial mortgage website on Yahoo! It’s 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.