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BRIEF-BRT Apartments acquires two high quality sun-belt communities
July 10, 2017 / 8:38 PM / 4 months ago

BRIEF-BRT Apartments acquires two high quality sun-belt communities

July 10 (Reuters) - Brt Apartments Corp

* BRT Apartments Corp. Acquires two high quality sun-belt communities

* BRT Apartments -deal will be funded in part by an estimated $47.4 million of construction financing

* BRT Apartments Corp - deal for ‍$85.7 million​

* BRT Apartments Corp -deal value ‍includes $55.2 million of mortgage debt obtained in connection with acquisition​

* BRT Apartments Corp says brt has agreed to contribute up to $15 million of equity to this venture, of which $4.8 million has been contributed to date

* BRT Apartments Corp - ‍debt carries an interest rate of 4.22%, is interest only for five years and matures in 2028​

* Says venture contemplates developing a 402 unit class a multi-family property at this site for an estimated $73 million

* BRT Apartments Corp - ‍on june 2, brt acquired, through a jv , a 44 acre land parcel in bells bluff area of nashville, tennessee, for $5.3 million​ Source text for Eikon: Further company coverage:

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