Loan & DebtSep 17, 2026, 05:24 PM
BRT Apartments Corp. Amends Loan Agreement, Boosts Stock Buyback Program
AI Summary
BRT Apartments Corp. has entered into the fourth amendment to its loan agreement with VNB New York, LLC. The amendment primarily reduces the interest rate to three-month term SOFR plus 210 basis points, lowers the minimum interest rate to 5%, and decreases the adjustable cap rate to 6.25%. The company can currently borrow $40 million under this facility. Additionally, the company's board of directors authorized an increase in its stock repurchase program to $10 million.
Key Highlights
- BRT Apartments Corp. amended its loan agreement with VNB New York, LLC, reducing the interest rate to three-month term SOFR plus 210 basis points.
- The minimum interest rate payable on the facility was reduced to 5% from 6%.
- The adjustable cap rate used for asset valuation was reduced to 6.25% from 6.5%.
- BRT Apartments Corp. can borrow up to $40 million under the amended credit facility.
- The company's board of directors authorized the replenishment of its stock repurchase program to $10 million.
Price Impact
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