BRT Realty Trust, a Great Neck, N.Y.-based real estate investment trust engaged in originating and holding for investment senior mortgage loans secured by commercial and multifamily real estate, has entered into a joint venture with an affiliate of Torchlight Investors LLC, an investment adviser headquartered in New York.
The joint venture, which will be known as BRTL LLC, will have 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.
‘This joint venture will expand the capital available to us, thereby allowing us the opportunity to expand our business,’ says Jeffrey Gould, president and CEO of BRT.
