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Subsequent events
6 Months Ended
Apr. 30, 2013
Subsequent Events [Abstract]  
Subsequent events

Note 11 – Subsequent events:

As of April 30, 2013, the balance of the Grande Rotunda LLC acquisition loan was $19 million. The due date of the loan was May 1, 2013. While the bank agreed to an additional extension of ninety-days (90) from May 1, 2013, FREIT elected to purchase the Rotunda loan from the bank and have all the bank’s rights assigned to FREIT. The purchase of this loan by FREIT was completed on May 28, 2013. It is FREIT’s intention to sell this loan to the lender providing the construction financing for the expansion of the Rotunda project. FREIT is in discussions with various prospective lenders; however, no agreement has been reached with respect to such financings.