03:55 PM EDT, 07/15/2024 (MT Newswires) -- BRT Apartments Corp ( BRT ) said Monday it amended a loan agreement with VNB New York on Friday to extend the maturity of the facility by two years and reduce the amount available under it.

The credit facility will now expire in September 2027 instead of September 2025, and the amount available was reduced by $20 million to $40 million, according to a filing with the US Securities and Exchange Commission.

BRT said the amended agreement requires it to own 10 wholly owned properties compared to an earlier requirement of five properties.

The company said it reduced the amount available under the credit facility because it obtained $28 million of seven-year mortgage debt and financing of the 5.22% fixed interest rate debt will be completed in August.

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