BRT Apartments Corp. (NYSE: BRT) has successfully completed the refinancing of three maturing mortgages, as stated in the company's recent press release. The aggregate amount of these mortgages was $42.7 million, with a weighted average interest rate of 4.36%. These mortgages were refinanced through new mortgage debt amounting to approximately $71.9 million, with a weighted average remaining term to maturity of about nine years and a weighted average interest rate of 4.95%.
To facilitate this refinancing, the company used $17.5 million of the proceeds to pay off the outstanding balance of the credit facility. This move signifies a strategic financial decision aimed at leveraging the company's position to pursue future investment opportunities in its core Sunbelt markets.
As of December 17, 2025, BRT owns or has interests in 31 multi-family properties with 8,311 units in 11 states, along with preferred equity investments in two multi-family properties. This demonstrates the company's substantial presence and investment in the real estate sector.
The successful refinancing and use of proceeds to pay off existing debt reflect the company's proactive approach to managing its financial resources. The weighted average interest rate for the new mortgage debt is marginally higher than the previous aggregate weighted average, but the increased capital from the refinancing is likely to provide BRT with the financial flexibility to capitalize on future investment opportunities. Following these announcements, the company's shares moved 0.8%, and are now trading at a price of $15.12. Check out the company's full 8-K submission here.
