v3.26.1
Mortgages Payable and Line of Credit - Schedule of Mortgages Payable (Details) - USD ($)
$ in Thousands
Jul. 31, 2026
Jun. 17, 2026
Oct. 31, 2025
Schedule of Mortgages Payable [Line Items]      
Interest Rate   6.875%  
Mortgages [Member]      
Schedule of Mortgages Payable [Line Items]      
Total unamortized debt issuance costs $ (596)   $ (516)
Total mortgages payable, net $ 114,244   120,784
Mortgages [Member] | 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 $ 8,637   8,715
Mortgages [Member] | Berdan Court - Wayne, NJ [Member]      
Schedule of Mortgages Payable [Line Items]      
Maturity Sep. 01, 2029    
Interest Rate 3.54%    
Total fixed rate mortgages payable $ 27,771   28,190
Mortgages [Member] | Westwood Hills - Westwood, NJ [Member]      
Schedule of Mortgages Payable [Line Items]      
Maturity [1] Sep. 01, 2026    
Interest Rate [1] 6.05%    
Total fixed rate mortgages payable [1] $ 24,541   24,803
Mortgages [Member] | Regency Club - Middletown, NY [Member]      
Schedule of Mortgages Payable [Line Items]      
Maturity [2] Dec. 15, 2027    
Interest Rate [2] 6.05%    
Total fixed rate mortgages payable [2] $ 13,621   13,754
Mortgages [Member] | 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 $ 10,834   11,030
Mortgages [Member] | Westwood Plaza - Westwood, NJ [Member]      
Schedule of Mortgages Payable [Line Items]      
Maturity [3] Nov. 01, 2026    
Interest Rate [3] 8.50%    
Total fixed rate mortgages payable [3] $ 9,459   9,808
Mortgages [Member] | Preakness S/C - Wayne, NJ[Member]      
Schedule of Mortgages Payable [Line Items]      
Maturity [4] Jul. 01, 2031    
Interest Rate [4] 6.875%    
Total fixed rate mortgages payable [4] $ 19,977   25,000
Mortgages [Member] | Fixed Rate Mortgages Payable [Member]      
Schedule of Mortgages Payable [Line Items]      
Total fixed rate mortgages payable $ 114,840   $ 121,300
[1] On August 31, 2026, Westwood Hills, LLC refinanced its mortgage, secured by an apartment building located in Westwood, New Jersey, in the amount of approximately $24,541,000 (which would have matured on September 1, 2026) with a new lender, ConnectOne Bank, in the amount of $25,000,000. This loan is based on a fixed interest rate of 6.28% and is interest only for the first three years of the term with monthly installments thereafter of approximately $131,000 each month through October 1, 2029. Commencing on November 1, 2029, monthly installments of principal plus interest totaling approximately $162,000 are required each month until September 1, 2031 at which time the unpaid balance is due.
[2] 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.
[3] 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 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. Valley National Bank has issued several extensions of the loan’s maturity date, with the most recent extension through November 1, 2026, based on the same terms and conditions of the existing loan agreement.

[4] On August 1, 2025, the mortgage secured by the Preakness Shopping center located in Wayne, New Jersey, reached its maturity date. ConnectOne Bank issued several extensions of the loan’s maturity date. Effective June 22, 2026, Wayne PSC entered into a loan extension and modification agreement with ConnectOne Bank and paid down this loan by approximately $5 million, reducing the outstanding balance to $20 million. Under the terms and conditions of this loan extension and modification, the maturity date of this loan is extended for five years to July 1, 2031, the interest rate on the outstanding debt is based on a fixed interest rate of 6.875% and monthly principal and interest payments of approximately $141,061 are required. Additionally, Wayne PSC replenished its interest reserve escrow account by $1,145,139, increasing the balance in this account from $404,861 to $1,550,000. (See Note 6 for additional details regarding the funding of this transaction).