Brt apartments corp. expands financial flexibility with amended credit facility

Great neck, n.y., sept. 15, 2022 (globe newswire) -- brt apartments corp. (nyse:brt) entered into an amended credit facility which increases to up to a total of $60 million the amount available to be borrowed for the acquisition of, and repayment of mortgage debt on, multi-family properties, increases the amount available to 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 the prime rate, subject to a floor of 3.5%, and requires compliance with certain additional financial covenants. net proceeds received from the sale, financing or refinancing of brt's wholly-owned properties are required to be used to repay amounts outstanding under the facility.
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