Brt apartments corp. completes purchase of remaining 25% interest in partnership that owns civic center i and civic center ii

Great neck, n.y., july 12, 2022 (globe newswire) -- brt apartments corp. (nyse:brt) today announced it completed the purchase, for an aggregate of $36.2 million, of the remaining approximate 25% interest held by its joint venture partner in civic center i and civic center ii, two multi-family properties with an aggregate of 776 units located in southaven, mississippi. in 2021, these properties contributed an aggregate of $1.1 million in equity in earnings of unconsolidated joint venture. as a result of the completion of this purchase, brt will include on its consolidated balance sheet the approximate $57.4 million of mortgage debt currently on these properties, with a weighted average interest rate of 3.97% and 3.9 years of weighted average remaining term to maturity.
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