BRT REALTY TRUST ACQUIRES CHATTANOOGA APARTMENT COMMUNITY

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CHATTANOOGA, TENN. — BRT Realty Trust acquired by deed, in lieu of foreclosure, a 308-unit garden apartment complex in Chattanooga, in the accordance with the terms of a “walk-away guarantee” provided by the borrower’s principal. The property had secured a first mortgage loan with an outstanding principal balance of $25.7 million.

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