/EIN News/ — GREAT NECK, NY, Sept. 15, 2022 (GLOBE NEWSWIRE) — BRT Apartments Corp. (NYSE: BRT) has entered into an amended credit facility that brings the amount available to borrow for the acquisition and repayment of mortgage debt on multi-family properties to a total of $60 million, increases the amount that can be borrowed for operating expenses to $25 million and extends the term of the facility to September 2025. The amended facility also reduces the interest rate to prime, subject to a 3.5% floor, and requires compliance with certain additional financial covenants. The net proceeds received from the sale, financing or refinancing of properties wholly owned by BRT shall be used to repay amounts outstanding under the facility.
The financing is led by VNB New York, LLC, a subsidiary of Valley National Bank.
Jeffrey A. Gould, President and Chief Executive Officer of BRT Apartments Corp., said, “We are pleased to further enhance the strength and financial flexibility of our balance sheet with this modified credit facility, which provides increased capacity as we continue to pursue acquisition opportunities. We greatly appreciate the support of our banking partner and their continued confidence in our efforts to grow our portfolio. As we look to the remainder of 2022 and beyond, we believe that through our shrewd and disciplined approach, we will be able to successfully deploy capital to sustainably increase value for all of our shareholders.
Certain information contained herein is forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the apparent improvement in the economic environment and BRT’s ability to issue additional loans. BRT intends that these forward-looking statements are covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for the purposes of complying with such safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by the use of the words “may”, “will”, “believe”, “expect”, “has intend to”, “anticipate”, “estimate”, “project”, “apparent”, “experiment” or similar expressions or variations thereof.
Forward-looking statements, including statements regarding BRT’s multi-family property acquisition and ownership activities, involve known and unknown risks, uncertainties and other factors, which in some cases are beyond BRT’s control and could materially affect actual results, performance or achievements. . Investors are cautioned not to place undue reliance on forward-looking statements and to carefully read the sections entitled “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Caution Regarding forward-looking statements” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and in Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed thereafter for a discussion of factors which could cause BRT’s actual results, performance or achievements to differ materially from its expectations.
About BRT Apartments Corp. :
BRT is a real estate investment trust that, directly or through joint ventures, owns, operates and, to a lesser extent, develops multi-family properties. Additional financial and descriptive information about BRT, its operations and its portfolio can be found on BRT’s website at: http://BRTapartments.com. Interested parties are encouraged to review BRT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and other reports subsequently filed with the Securities and Exchange Commission for additional information.
Contact: Investor Relations
BRT Apartments Corp.
Telephone (516) 466-3100