BRT Apartments amends credit facility: borrowing capacity increased to $60M, term extended to 2025

BRT Apartments Corp.

Borrowing capacity raised from $35M to $60M; working capital sublimit increased from $15M to $25M.
Term extended from Nov 2024 to Sept 2025; interest rate reduced to prime (floor 3.5%) with 25bp spread eliminated.
Unencumbered property covenant raised to 3 properties with minimum $75M value; tangible net worth floor set at $140M.
As of Sept 15, 2022, $7M outstanding, $53M available; one-time fee of ~$346k paid.

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