Great Neck, New York, August 21, 2007 -- BRT Realty Trust (NYSE:BRT)
BRT Realty Trust Closes $11,000,000 in Loans in Suburban Nashville
Great Neck, NY -- BRT Realty Trust, a national portfolio lender specializing in providing short-term loans with fast response, recently closed two loans for multifamily properties totaling $11,000,000 in the suburban Nashville, Tennessee market.
A$4,600,000 first mortgage loan was made for a 102-unit garden apartment complex in Clarskville. The one-year loan will enable the borrower to recoup renovation costs for the 100% occupied property.
The second loan of $6,400,00 was a one-year term, first mortgage for a garden apartment complex of 128 units in Smyrna. The borrower, a repeat client of BRT, refinanced the property to recover costs of a recent renovation of the complex’s club house and swimming pool, updating of recreational facilities and for new lighting and signage. The property is presently 100% occupied.
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 Realty Trust Closes $3,550,000 Loan for Office Building Near Cleveland
Great Neck, NY -- A portfolio lender specializing in providing fast response on short-term loans, BRT Realty Trust recently closed a $3,550,000 first mortgage loan, with a one-year term, for a Class C office building located in Lakewood, Ohio.
The borrower sought financing to acquire the property, currently 50% occupied, with the goal of repositioning the 132,068 square foot building in the competitive suburban Cleveland commercial real estate market. Renovations will include conversion of part of the first floor from office to retail, a new elevator and lobby refurbishment. The property is located nine miles form downtown Cleveland and less than one mile from Lake Erie.
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 Realty Trust Closes $1,350,000 Loan for Hotel in North Carolina
Great Neck, NY -- BRT Realty Trust, a national portfolio lender specializing in providing short-term loans with fast response, recently closed a $1,350,000 first mortgage loan for a 110-room hotel in Goldsboro, North Carolina. The property is located off Route 70, a main highway connecting the central part of the state to the North Carolina coastline. The two-story structure was built in stages from 1964-1984 around a swimming pool and includes a restaurant and conference facilities.
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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