GREAT NECK, N.Y., April 23, 2019 (GLOBE NEWSWIRE) -- BRT Apartments Corp. (BRT) entered into a credit facility with VNB New York, LLC, an affiliate of Valley National Bank. The facility allows BRT to borrow, subject to compliance with borrowing base requirements and other applicable conditions, up to $10 million, carries an annual interest rate 50 basis points over the prime rate with a floor 5%, and is secured by certain cash accounts maintained by the Company at the lender. The Company intends to use the facility for acquisitions of, or investments in, multi-family properties.
Jeffrey A. Gould, Chief Executive Officer of BRT stated: “Entering into a credit facility is an important step in allowing BRT to be more nimble in seeking accretive acquisitions. We anticipate that our capital structure will continue to evolve as we grow in the pursuit of value-creating opportunities for our stockholders.”
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. 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 statements with respect to BRT’s multi-family property acquisition, development 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 any forward-looking statements and to carefully review the section entitled “Item 1A. - Risk Factors” in BRT’s Annual Report on Form 10-K for the year ended September 30, 2018 and in the Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed thereafter.
About BRT Apartments Corp.:
BRT is a real estate investment trust that either directly, or through joint ventures, owns and operates multi-family properties. Additional financial and descriptive information on BRT, its operations and its portfolio, is available at BRT’s website at: http://BRTapartments.com. Interested parties are encouraged to review BRT’s Annual Report on Form 10-K for the year ended September 30, 2018, and the other reports filed thereafter with the Securities and Exchange Commission for additional information.
Contact: Investor Relations
BRT Apartments Corp.
60 Cutter Mill Road
Great Neck, New York 11021
Telephone (516) 466-3100
Telecopier (516) 466-3132