BRT Apartments Corp. entered into an amended credit facility with VNB New York, LLC, an affiliate of Valley National Bank. The facility allows BRT, subject to compliance with borrowing base requirements and other conditions, to borrow up to $35 million, and up to a potential $60 million pursuant to an uncommitted accordion feature, for the acquisition of multi-family properties. The facility further provides that of the amount available to be borrowed, $15 million may be used for operating expenses. The facility bears an annual interest rate of 25 basis points over the prime rate with a floor of 3.50%, matures in three years, and is secured by BRT’s pledge of its equity interests in certain wholly-owned unencumbered properties and the accounts maintained by BRT at the lender. 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.

Jeffrey A. Gould, Chief Executive Officer of BRT stated: “We are pleased with this new credit facility, which provides for increased available capacity as we continue to execute on our growth strategy. The additional capital provides us with the enhanced ability to pursue accretive opportunities that we anticipate will grow our portfolio. As we look ahead to the balance of 2021 and beyond, we believe that through our disciplined approached we will be able to deploy capital to grow stockholder value.”