According to BRT Realty Trust, a real estate investment trust engaged in the business of originating and holding for investment senior mortgage loans secured by commercial and multifamily real estate in the U.S., it has entered into a joint venture with an affiliate of Torchlight Investors, LLC. The joint venture, known as BRTL LLC, has the right to acquire short-term commercial real estate mortgage loans (bridge loans) originated by BRT Realty Trust. The maximum capitalization of the joint venture is $100 million, of which the Torchlight affiliate will fund 80% and BRT will fund 20%. BRT will manage the new entity.
Jeffrey Gould, president and CEO of BRT said, "We are extremely pleased to enter into this relationship. This joint venture will expand the capital available to us thereby allowing us the opportunity to expand our business." Tags: