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Stock impact report

BRT Apartments Corp. Acquires Second Property in North Carolina

BRT Apartments Corp. (MD) (BRT) 
Last brt apartments corp. (md) earnings: 11/6 04:05 pm Check Earnings Report
US:NYSE Investor Relations: brtapartments.com/investor_relations
Company Research Source: GlobeNewswire
GREAT NECK, N.Y., Feb. 24, 2020 (GLOBE NEWSWIRE) -- BRT Apartments Corp. (NYSE:BRT) announced that an entity in which it has a 80% equity interest acquired Abbotts Run Apartments, a 264-unit multi-family property located in Wilmington, North Carolina, for $38.0 million, including $23.2 million of mortgage debt assumed in the acquisition.  The mortgage debt matures in 2030, carries an interest rate of 4.71%, is interest only until 2025 and amortizes on a 30-year amortization schedule thereafter.  The Company received favorable pricing on the property to offset the above-market rate on the assumed debt.  BRT contributed $13.7 million of equity in connection with the acquisition and anticipated improvements to the property.  This is the second property BRT has acquired in North Carolina. Abbotts Run Apartments is well located in Wilmington, North Carolina, near the University of North Carolina, Wilmington International Airport and Wilmington’s main retail area.  Major employers nearby Show less Read more
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