BRT APARTMENTS CORP. successfully completed the refinancing of three mortgages mentioned in the Company's most recent 10-Q filing.
The refinancing involved an aggregate amount of approximately $71.9 million with a weighted average interest rate of 4.95%.
Proceeds from the refinancing were used to pay off the outstanding balance of the credit facility, positioning BRT well for future investment opportunities.
Debt Refinancing Completion
Three maturing mortgages totaling $42.7 million were successfully refinanced with a new mortgage debt of $71.9 million.
Interest Rate Details
Weighted average interest rate of the new mortgage debt is 4.95%, providing financial stability for BRT.
Financial Resource Strengthening
$17.5 million from the refinancing used to pay off the credit facility, enhancing BRT's financial position for future investments.
- The refinancing increases BRT's financial flexibility, enabling the pursuit of investment opportunities in core Sunbelt markets.
- By extending the term to maturity to approximately nine years, BRT secures long-term financing stability for its operations.
The completion of the debt refinancings strengthens BRT's financial foundation and sets the stage for value-enhancing investments in the future. BRT is poised for growth and value creation in the multi-family property sector.