BRT terminates $62.5M multifamily acquisition; seller blocks return of $1.3M deposit

BRT Apartments Corp.

Contract to buy 238-unit multifamily property in Richmond, VA for ~$62.5M was terminated in December 2023.
Company requested return of $1.3M down payment from escrow; seller claims default and is blocking the return.
Company is pursuing return of deposit or revival of purchase contract at a reduced price, but no assurance of success.
If down payment is not recouped, BRT will incur a loss on the transaction.
Deal included assumption of $32M mortgage debt at 3.34% interest rate maturing in 2061.

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