Great Neck, New York, July 30, 2007 -- BRT Realty Trust (NYSE:BRT)
Turning opportunity into success takes hard work, integrity and grit. Just the same qualities it takes to get to the finish line of an Ironman competition. It is no wonder then why Mitchell Gould, Executive Vice President of BRT Realty Trust excels both in and out of the office. Mitch is a true Ironman in every sense of the word. Mitch led the BRT Realty Trust team in a record-breaking 2006 originations all the while training for his first Ironman event, which took place July 22, 2007 in Lake Placid, NY. The Ironman is a 2.4-mile swim, 112-mile bike, and 26.2 mile run. He finished the event in a remarkable 11 hours 52 Minutes 26 seconds.
Mitch must find time to work a full schedule, train 20 hours a week and raise his two young children. With his high level of dedication Mitch's philosophy has always been: "To do whatever it takes and work as hard as necessary to accomplish my goals." Sometimes this means he has to get on a plane on 2 hours notice and visit 5 cities in a single day. With his running sneakers and water goggles always on hand, Mitch includes early morning running in his property inspection routine.
With Mitch's leadership loan originations were up 19% last year to reach a record $309,000,000 for the year. Revenues also increased an unprecedented 54% in 2006 to $33,000,000.
Mitch attributes the BRT team's success directly to the relationships they have maintained in the industry. "At BRT our goal is to build relationships with our clients and provide them with creative solutions to their real estate needs. That's why a majority of the deals we close are from repeat clients."
In a 30-day period, BRT has assembled about $26,000,000 in financing for new buildings. These include a $5.5 million loan for a mixed use residential and retail assemblage in New Jersey and a $19.8 million land assemblage on Manhattan's East Side. In addition to providing loans in the New York Metro area, BRT is a national lender who recently originated loans in Phoenix, AZ, Nashville TN, and Indianapolis, IN.
BRT's high level of service translates into real opportunities for borrowers who require financing within extremely narrow time frames, and accordingly BRT continually generates repeat business as well as numerous inquiries from new borrowers. In many situations, a borrower's entire transaction would be unachievable without BRT's responsive service.
BRT Realty Trust has been active in the real estate business since 1972. BRT has focused on originating short term acquisition and bridge real estate loans since the mid 1980's. By specializing in providing innovative commercial real estate financing solutions, BRT can meet clients' needs that cannot or will not be met by conventional lenders.
BRT Realty Trust is a mortgage lending real estate investment trust whose shares trade on the New York Stock Exchange. BRT focuses on providing quick, sophisticated service, enabling a borrower to accomplish a transaction in a timely manner. BRT has the ability to rapidly come to terms with potential borrowers and is often able to close a transaction within a week of a loan request. In comparison, a more traditional financial institution generally would require four to six weeks to commit to a borrower's request and an additional four weeks to close the transaction.
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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