Great Neck, New York, November 2, 2006 -- BRT Realty Trust (NYSE:BRT) announced today that it has closed on an amendment to its existing $155,000,000 line of credit increasing the maximum availability to $185,000,000. Jeffrey A. Gould, President and Chief Executive Officer of BRT, commented that “this increased line of credit will give us additional flexibility in servicing our clients.”
The line of credit is with North Fork Bank, VNB New York Corp., Signature Bank and Manufacturers and Traders Trust Company, has a maturity date of February 1, 2008 and provides for two one-year renewal options. The line of credit is secured primarily by mortgage receivables held by BRT and the maximum availability is contingent on the collateral posted from time to time.
BRT Realty Trust is a mortgage REIT which primarily originates short term first and second mortgage loans. BRT’s financial resources, flexibility and expertise enable rapid turnaround on requests for loans secured by income-producing retail, office, industrial and multifamily properties nationwide. Please visit BRT on the internet at www.brtrealty.com.
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: Mark H. Lundy, Senior Vice President
516.773.2703
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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