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BRT Realty Closes on 4 Loans Totaling $26.6M

GREAT NECK, NY-In four separate transactions, BRT Realty Trust closes $26.6 million in loans for multifamily properties located in Manhattan, Delaware, Tampa and North Carolina.

By Diana M. Rodriguez | Updated on May 14, 2003

GREAT NECK, NY-Four multifamily asset owners have found a friend in BRT Realty Trust. The public mortgage REIT recently doled out $26.6 million in loans for properties in Manhattan; Tampa; Charlotte, NC and Elsmere, DE.

The largest chunk of cash was given to the 325-unit Palm Island Club located at 13800 Bruce B. Downs Blvd. in Tampa. The borrower secured a $14 million first mortgage loan from BRT to help facilitate the acquisition. According to Jeffrey Gould, president of BRT, the loan closed in less than one week.

The owner of 186 East 80th St. in Manhattan obtained $5.2 million from BRT for its 25 unsold condo units. The loan for the Upper East Side building has a one-year term with a one-year option and it enabled the borrower to recapture equity and refinance existing debt, says Gould. He adds that all the leases for the property’s units are short-term and BR will provide release prices allowing the borrower to sell the units to individual buyers.

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