BRT Apartments Corp. (BRT) Form 8-K — Sep 17, 2026
BRT Apartments Corp. amended its $40 million revolving credit facility with VNB New York, LLC on September 17, 2026, via the fourth amendment to its 2021 loan agreement, securing cheaper pricing on the revolver. The amendment cut the interest margin to three-month term SOFR plus 210 basis points from 250 basis points, lowered the minimum rate to 5% from 6%, and reduced the cap rate used in asset-value tests to 6.25% from 6.5%. The facility is currently undrawn, with $0 outstanding and the full $40 million available.
Key figures
- Debt Amount
- $40 million available under the revolving credit facility; $0 outstanding principal as of September 17, 2026
- Interest Rate
- Three-month term SOFR + 2.10%, with a 5.00% minimum rate
- Amendment
- Fourth amendment to Amended and Restated Loan Agreement dated November 18, 2021
- New cap rate
- 6.25%
- Prior cap rate
- 6.50%
- New sofr margin
- 2.10%
- New minimum rate
- 5.00%
- Prior sofr margin
- 2.50%
- Prior minimum rate
- 6.00%
- Spread reduction bps
- 40
- Buyback replenishment usd
- 10000000
- Outstanding principal balance usd
- 0
AI analysis
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