After a failed attempt to buy a thrift earlier this year, BRT Realty Trust plans to start its own.
The Great Neck, N.Y.-based real estate investment trust has applied to the Office of Thrift Supervision to form Bankers Savings, which would be initially capitalized with $20 million.
The thrift would concentrate on originating multifamily mortgage loans of $3 million or less in the New York metropolitan area, especially on those under $1 million. It also plans to make some loans for small commercial and mixed-use properties. The thrift would use the Internet and telephone operations, instead of branches, to solicit deposits.
Demand exists for these types of loans because the small thrifts that once made them have failed or merged with larger institutions, BRT said in its May 28 filing made public by OTS Wednesday.
BRT offered to buy Peekskill Financial Corp. of Peekskill, N.Y., in January for nearly $50 million, but was rebuffed. It sold almost all of the 264,000 shares it held in Peekskill the following month.