RAHWAY, NJ-The firm of Feinstein, Raiss, Kelin and Booker recently assisted in the securing of an $11.3 million refinance loan for a nine-building apartment portfolio here.
Richard Kelin, a managing partner of the firm, represented JS Management of Monsey, NY, which arranged the loan for a group of affiliated owners. The owners include Feld Properties, Nests Properties and Dunk Properties.
Financing was provided by ConnectOne Bank of Englewood Cliffs.
Kelin said the trend of multifamily property owners refinancing their loans continues to be strong. “Owners are seeking to take advantage of today's low interest rates, and many are utilizing the financing to upgrade their properties in an increasingly competitive marketplace,” he said.
The Rahway portfolio includes buildings located on Bond, Hamilton, West Grand and West Main streets; and East Grand and New Brunswick avenues.
Rahway is a state-designated Transit Village, Kelin noted, with an NJ Transit train station that provides a direct ride to New York City. “Several of these buildings are within walking distance of the station” said Kelin.
FRKB, which has offices in West Orange, is a general practice law firm with a concentration in real estate.
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