Winter & Co. arranges $10 million construction loan

Winter & Co. has arranged a $10 million construction loan for the development of a 43-unit, 55 and over townhome community overlooking Port Jefferson Harbor. Although the developers had struggled to find construction financing during the recession, by the time they found and engaged Winter & Co. they had invested enough of their own equity in the deal to build much of the infrastructure, complete two model homes, establish a sales center and sign contracts with buyers for 17 of the 43 units. From that platform Winter & Co. was then able to package and present the deal and the development team in a clear and compelling manner, and to leverage its strong construction lending relationships. The result was a construction loan with an interest rate of 5% and a term of 24 months. The loan will be paid down upon sales of the townhome condominium units subject to a release price provision negotiated with the lender. Winter & Company is a Manhattan-based, commercial mortgage advisory firm that specializes in development and construction financing, financing for multifamily and mixed-use properties, and cooperative underlying mortgages. Its affiliate, W Financial, is a direct private bridge lender providing short-term, special situation financing.