BRT Realty Trust closes a $23,300,000 loan in the Brooklyn Heights section of Brooklyn, NY in two weeks time.
Great Neck, New York, September 9, 2008 -- BRT Realty Trust (NYSE:BRT) Great Neck, NY -- BRT Realty Trust, a national portfolio lender specializing in providing short-term loans with fast response, recently closed a $23,300,000 loan secured by an eight story office building with ground floor retail space in the Brooklyn Heights section of Brooklyn, NY. It is the borrower’s intention to convert the property into a 15 story residential condominium project by obtaining construction financing. The proposed development will feature unobstructed views of lower Manhattan from the top floors. The borrower is a first time client of BRT. BRT Realty Trust is a public mortgage REIT traded on the New York Stock Exchange (BRT). Founded in 1972, BRT provides first and second mortgage, short term bridge and participating loans. The company's financial resources, flexibility and expertise enable rapid turnaround on loan requests from $1,000,000 to $75,000,000 for income-producing retail, office, industrial and multifamily properties nationwide. Please visit us on the internet at www.brtrealty.com.
BRT is a New York-based Real Estate Investment Trust that specializes in the origination and holding for investment of senior and junior commercial mortgage loans secured by real property in the United States. For more information on BRT, please visit our Home Page.
Caution Concerning Forward-Looking Statements: Materials included in this filing may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Statements that include the words "may," "will," "would," "could," "should," "believes," "estimates," "projects," "potential," "expects," "plans," "anticipates," "intends," "continues," "forecast," "designed," "goal," or the negative of those words or other comparable words should be considered uncertain and forward-looking.
Contact: Simeon Brinberg, Senior Vice President - (516) 466-3100
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