BRT Obtains New Credit Facility

BRT Realty Trust, a real estate investment trust based in Great Neck, N.Y., has reported closing on a new credit facility of up to $150 million.The new facility, which replaces an $85 million line of credit and a $15 million credit line, is provided by North Fork Bank, Valley National Bank, Merchants Bank Division, Signature Bank, and Manufacturers and Traders Trust Co., the company said. It has a maturity date of Feb. 1, 2008, and provides for two one-year renewal options. BRT, a mortgage REIT, can be found online at http://www.brtrealty.com.