Feinstein, Raiss, Kelin & Booker, LLC (FRKB), the West Orange, N.J.-based general practice law firm with a concentration in real estate, has handled the refinancing of a nine-property multi-family portfolio in Hudson County, N.J. Larry Raiss, Esq., a managing partner, provided legal counsel on behalf of the property owner, a long-time client, who secured $9.92 million in refinancing from Signature Bank.
"The owner purchased these properties as a package in 2009 and recognized that, with interest rates hovering near record lows, the timing is right to refinance the entire package," said Raiss, who specializes in commercial real estate transactions as well as related corporate and commercial activities. "As with any real estate transaction, the owner wisely sought the counsel of an experienced commercial real estate attorney."
A total of 146 units comprise the nine-property package, which includes six buildings in West New York, two in Union City and one in North Bergen, N.J. This is the third large Hudson County transaction recently closed by Raiss. The previous transactions involved refinancing 11 separate multi-family loans, as well as handling the $37.6 million acquisition of a 13-property portfolio throughout West New York, Union City and North Bergen.
Since joining FRKB as a founding partner at the firm's inception in 1991, Raiss has represented leading real estate operators and management firms throughout Northern New Jersey. The Seton Hall University School of Law graduate was a Law Review Member prior to his law school graduation and is a two-time appointee to the New Jersey Super Lawyers in Real Estate, a prestigious honor limited to less than 5 percent of the attorneys statewide. He also is active in the New Jersey Apartment Association as well as the Property Owners Association.
FRKB was co-founded by Raiss and Richard Kelin, Esq., both of whom are managing partners, along with Norman Feinstein. The firm's diverse clientele includes individuals, owners, property managers, builders and developers. In addition to its distinguished reputation for handling commercial real estate transactions, the firm's Litigation Department focuses on commercial litigation matters and landlord tenant law.