RAHWAY, N.J. - Feinstein, Raiss, Kelin and Booker, LLC (FRKB) recently represented JS Management of Monsey, N.Y. in securing $11,287,000 in refinancing for a nine-building Rahway, N.J.portfolio. Richard Kelin, Esq., a Managing Partner of the firm, represented JS Management, which secured the funding on behalf of affiliated ownership entities Feld Properties, Nests Properties and Dunk Properties.
The financing was provided by Englewood Cliffs, N.J.-based ConnectOne Bank, represented by loan officer Michael Strauss and attorney David Wigfield, Esq. of Scura, Mealey, Wigfield & Heyer, LLP. The transaction team also included Michael Donini of Madison Title Agency.
"In a trend spanning multi-family housingnationwide and reflected by this transaction and our firm's ongoing activity, an increasing number of property owners are securing refinancing expediently and efficiently," said Kelin. "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."
The portfolio encompasses properties located throughout the city of Rahway on Bond, Hamilton, West Grand and West Main streets, and East Grand and New Brunswick avenues.
A state-designated Transit Village with the city's train station as a focal point, Rahway is bordered by the populous communities of Clark, Linden and Woodbridge Township.
"Rahway is in a prime commuter rail corridor with direct access to New York City, and several of these buildings are within walking distance of the New Jersey Transit station" said Kelin. "As such, multi-family properties in this market continue to enjoy high occupancy rates."
FRKB was established in 1991 as a general practice law firm with a concentration in real estate. 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.