Attached files
file | filename |
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8-K - 8-K - BRT Apartments Corp. | a11-15414_18k.htm |
EX-10.2 - EX-10.2 - BRT Apartments Corp. | a11-15414_1ex10d2.htm |
EX-10.5 - EX-10.5 - BRT Apartments Corp. | a11-15414_1ex10d5.htm |
EX-10.4 - EX-10.4 - BRT Apartments Corp. | a11-15414_1ex10d4.htm |
EX-10.1 - EX-10.1 - BRT Apartments Corp. | a11-15414_1ex10d1.htm |
EX-10.6 - EX-10.6 - BRT Apartments Corp. | a11-15414_1ex10d6.htm |
EX-10.3 - EX-10.3 - BRT Apartments Corp. | a11-15414_1ex10d3.htm |
Exhibit 99.1
BRT REALTY TRUST OBTAINS
NEW LINE OF CREDIT FOR $25 MILLION
Great Neck, New York June 23, 2011 BRT REALTY TRUST (NYSE:BRT), a real estate investment trust engaged in the business of originating and holding for investment senior mortgage loans secured by commercial and multi-family real estate in the United States, announced today that on June 22, 2011, it had closed on a new revolving line of credit with Capital One, National Association, which provides for a maximum availability of $25,000,000. Jeffrey A. Gould, President and Chief Executive Officer of BRT, commented that this new line of credit gives us additional flexibility and capital to expand our business and better serve our clients.
The line of credit matures in June 2014 and allows for the conversion, at the borrowers option, into an 18 month term loan. The line of credit is secured primarily by mortgage receivables to be pledged by BRT and the maximum availability is contingent on the collateral posted from time-to-time.
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 lending activities and other positive business activities. BRT intends such forward looking statements to be 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 purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words may, will, believe, expect, intend, anticipate, estimate, project, or similar expressions or variations thereof. Forward looking statements, including our loan origination activities, involve known and unknown risks, uncertainties and other factors, which, in some cases, are beyond BRTs control and could materially affect actual results, performance or achievements. Investors are cautioned not to place undue reliance on any forward-looking statements and to carefully review the section entitled Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended September 30, 2010.
For additional financial and descriptive information on BRT, its operation and its portfolio, please refer to the Trusts website at: www.BRTRealty.com
Contact: David W. Kalish (516) 466-3100
BRT REALTY TRUST
60 Cutter Mill Road
Suite 303
Great Neck, New York 11021
Telephone (516) 466-3100
Telecopier (516) 466-3132
www.BRTRealty.com
(11/BRT Press Release New Line of Credit(2))