v3.26.1
Mortgages Payable and Line of Credit - Schedule of Mortgages Payable (Details) - Mortgages [Member] - USD ($)
$ in Thousands
Apr. 30, 2026
Oct. 31, 2025
Schedule of Mortgages Payable [Line Items]    
Total unamortized debt issuance costs $ (402) $ (516)
Total mortgages payable, net $ 119,940 120,784
Steuben Arms - River Edge, NJ [Member]    
Schedule of Mortgages Payable [Line Items]    
Maturity May 31, 2027  
Interest Rate 6.75%  
Total fixed rate mortgages payable $ 8,662 8,715
Berdan Court - Wayne, NJ [Member]    
Schedule of Mortgages Payable [Line Items]    
Maturity Sep. 01, 2029  
Interest Rate 3.54%  
Total fixed rate mortgages payable $ 27,909 28,190
Westwood Hills - Westwood, NJ [Member]    
Schedule of Mortgages Payable [Line Items]    
Maturity Sep. 01, 2026  
Interest Rate 6.05%  
Total fixed rate mortgages payable $ 24,629 24,803
Regency Club - Middletown, NY [Member]    
Schedule of Mortgages Payable [Line Items]    
Maturity [1] Dec. 15, 2027  
Interest Rate [1] 6.05%  
Total fixed rate mortgages payable [1] $ 13,666 13,754
Station Place - Red Bank, NJ [Member]    
Schedule of Mortgages Payable [Line Items]    
Maturity Dec. 15, 2027  
Interest Rate 4.35%  
Total fixed rate mortgages payable $ 10,900 11,030
Westwood Plaza - Westwood, NJ [Member]    
Schedule of Mortgages Payable [Line Items]    
Maturity [2] Aug. 01, 2026  
Interest Rate [2] 8.50%  
Total fixed rate mortgages payable [2] $ 9,576 9,808
Preakness S/C - Wayne, NJ[Member]    
Schedule of Mortgages Payable [Line Items]    
Maturity [3] Aug. 01, 2026  
Interest Rate [3] 5.00%  
Total fixed rate mortgages payable [3] $ 25,000 25,000
Fixed Rate Mortgages Payable [Member]    
Schedule of Mortgages Payable [Line Items]    
Total fixed rate mortgages payable $ 120,342 $ 121,300
[1] On December 15, 2024, the mortgage secured by an apartment building located in Middletown, New York and the corresponding interest rate swap contract on its underlying loan came due with no settlement of the swap contract due at maturity. Effective December 15, 2024, FREIT Regency, LLC entered into a loan extension and modification agreement with the lender of this loan, Provident Bank, with a then outstanding loan balance of approximately $13.9 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan is extended for three years to December 15, 2027, the interest rate on the outstanding debt is based on a fixed interest rate of 6.05% and monthly installments of principal and interest of approximately $84,521 are required.
[2] On October 31, 2023, FREIT exercised its right, pursuant to the loan agreement held with Valley National Bank, to extend the term of its loan with a then outstanding balance of approximately $16.6 million and secured by the Westwood Plaza shopping center located in Westwood, New Jersey for one additional year from an initial maturity date of February 1, 2024 to a new maturity date of February 1, 2025. This loan extension was based on a fixed interest rate of 8.5% and was payable based on monthly installments of principal and interest of approximately $166,727. Additionally, FREIT funded the interest reserve escrow account for this loan (“Escrow”) with an additional $112,556, increasing the Escrow balance to $2,000,722, which represented the annualized principal and interest payments for one (1) year under this loan extension. Effective February 1, 2025, Valley National Bank extended this loan for 90 days from a maturity date of February 1, 2025 to a maturity date of May 1, 2025 under the same terms and conditions of the existing loan agreement. Effective May 1, 2025, FREIT entered into a loan extension and modification agreement with Valley National Bank and paid down this loan by approximately $5.7 million (including deferred interest of approximately $0.2 million) bringing the loan balance to $10 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan was extended for one year to May 1, 2026, the interest rate on the outstanding debt was based on a fixed interest Page 14 rate of 8.5% and monthly installments of principal and interest of approximately $107,978 were required. Additionally, the Escrow balance was reduced from $2,000,722 to $1,295,739 resulting in a refund to FREIT of $704,983. This Escrow is held at Valley National Bank and in the event of a default on this loan, the bank shall be permitted to use the proceeds from the Escrow to make monthly debt service payments on the loan. This loan has been further extended by Valley National Bank for an additional 90 days with a new maturity date of August 1, 2026 based on the same terms and conditions of the existing loan agreement.
[3] On August 1, 2025, the mortgage secured by the Preakness Shopping center located in Wayne, New Jersey, reached its maturity date. Wayne PSC, LLC continues to work with the current lender, ConnectOne Bank, on a potential modification and extension of the loan. ConnectOne Bank has issued several extensions of the loan’s maturity date, with the most recent extension through August 1, 2026, while discussions are ongoing. Each extension has been made under the same terms and conditions of the existing loan agreement. Management expects this loan to be modified and further extended, however, until such time as a definitive agreement providing for a modification, extension or replacement of this loan is entered into, there can be no assurance that such an agreement will be reached.