BRT Apartments Corp.
08/22/2024 | Press release | Distributed by Public on 08/22/2024 14:22
Material Event Form 8 K
Item 8.01 Other Information
On August 22, 2024, we obtained a $27.4 million mortgage on our Woodland Trails- LaGrange, GA property (the "Financing"). Such debt bears a fixed interest rate of 5.22% and is interest only until maturity in 2031. As noted in our Quarterly Report on Form 10-Q for the period ended June 30, 2024, we anticipate using the proceeds from the Financing to invest in multi-family properties (including preferred equity investments) and for general corporate purposes (including the repurchase of our common stock). Such proceeds will be invested initially in short-term US Treasury securities until they are applied.
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