BRT Apartments refinances $42.7M in mortgages with $71.9M new debt at 4.95%

BRT Apartments Corp.

Refinanced three maturing mortgages totaling $42.7M at 4.36% with $71.9M new debt at 4.95%, weighted avg term ~9 years.
Used $17.5M of proceeds to pay off outstanding credit facility balance.
Net debt increase of ~$29.2M; new debt has higher rate but longer maturity.
CEO cites focus on Sunbelt investment opportunities and long-term shareholder value.

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