290 West Mount Pleasant Avenue
Livingston, NJ 07039
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Release Date: Thursday, April 10, 2014
Media Contact: Carin McDonald (201) 796-7788
Properties Encompass more than 330 Units throughout Jersey City, N.J.
JERSEY CITY, N.J., April 10, 2014 – Feinstein, Raiss, Kelin & Booker, LLC (FRKB), the Livingston, N.J.-based general practice law firm with a concentration in real estate, has provided legal counsel on behalf of MRG LLC, the seller of a 12-property multi-family portfolio in Jersey City, N.J. Richard Kelin, Esq., a managing partner, advised the firm’s long-time client, who had acquired the properties in 2010, in the $26+ million trade involving more than 330 units.
The well-located properties consist of a mix of studio, one-, two- and three-bedroom units. Each underwent major renovations and property repositionings to yield solid occupancies at the time of sale. Financing was provided by Signature Bank and Capital Realty Associates provided brokerage services on behalf of the seller and buyer. In addition to Kelin, legal counsel for the buyer was provided by Allen Popowitz of Brach Eichler L.L.C.
“Because of FRKB’s depth of experience in structuring real estate sales, purchases and refinances, and familiarity with market cycles, our clients are able to achieve their short- or long-term investment strategy,” said Kelin, who advises multi-family investors and property owners. “In this transaction, the seller successfully implemented a capital improvement program to deliver this once underperforming portfolio back to market for a profit.”
Kelin is widely recognized for his knowledge of corporate and commercial law, including the formation and structuring of real estate partnerships and limited liability companies. Together with Larry Raiss, he serves as managing partner of the firm they co-founded in 1991 with Norman Feinstein. Kelin is admitted to the New Jersey, New York and Pennsylvania Bars.
In addition to overseeing the firm’s transaction business, the Rutgers University School of Law graduate is active in several industry organizations. He is a past president of the Property Owners Association of New Jersey and previously served on the Board of Directors of the New Jersey Apartment Association.
FRKB’s diverse clientele includes individuals, owners, property managers, builders, developers and institutional operators. In addition to its distinguished reputation for handling commercial real estate transactions, the firm’s Litigation Department focuses on landlord/tenant law, residential and commercial evictions, housing discrimination matters, and real estate tax appeals.