Finance Mortgage Banking
BRT Realty Takes Title to 6 Properties in Foreclosure Actions
July 8, 2008

BRT Realty Trust has taken title to six multi-family residential properties located in Tennessee in foreclosure actions commenced by it against borrowing entities controlled by one individual. These properties, which have an aggregate of 788 units, secured first mortgage loans with an aggregate principal balance of $36.5 million. The company took title to the properties approximately one month after the commencement of the foreclosure actions. BRT will explore its options with respect to these properties, including the sale of one or more of these properties. While BRT owns these properties, it will seek to rent unoccupied units and make improvements in order to increase rental income and maximize the sale value of these properties.


 
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