NEW JERSEY—Law firm Feinstein, Raiss, Kelin & Booker LLC has arranged an $8 million refinancing for The Wilshire Grand, an 89-room hotel located at 350 Pleasant Valley Way in West Orange, N.J. Larry Raiss, a managing partner of the firm, handled the refinancing on behalf of the boutique hotel, a long-time client.
“The hospitality industry has seen an influx of maturing debt in the past 12 to 18 months, prompting many entities to consider a refinancing of the existing loan,” said Raiss. “The Wilshire Grand Hotel was able to negotiate a very attractive interest rate with a different-based bank, and we assisted the Hotel to obtain the funding.”
The Wilshire Grand Hotel of such amenities as a fitness center, putting green and 11,700 sq. ft. of banquet and meeting space.