First Capital Corporation is one of the nation’s leading syndicators of equity capital for the development of multi-family housing under various government assistance programs. Beginning with the firm’s founding by Terry A. Lerman, in 1977, FCC has sponsored 53 private placements originating more than $50,000,000 in equity for 58 affordable housing properties having a replacement cost in excess of $200,000,000. The 58 apartment complexes are located in 8 states, contain more than 5,000 apartment units and have provided outstanding investment performance for over 1,000 individuals and corporations. FCC has a broad range of experience with all types of government assistance programs beginning with the Section 8 Program in the late 1970’s and with today’s Historical and Low Income Housing Tax Credit Programs. FCC has never acted as a sponsor of a project that has experienced a default or foreclosure.
In addition to its own offerings, First Capital Corporation has served as an advisor to numerous other sponsors which own widely varied commercial properties, such as shopping center, warehouses, industrial complexes and office buildings containing more than 1,000,000 square feet of space. First Capital Corporation has designed and structured real estate investment programs containing multiple properties in diverse locations.
With the significant drop in interest rates over the past several years, FCC has used its expertise to assist in the refinancing of more than $160,000,000 in mortgage debt and the disposition of projects worth more than $82,000,000.
First Capital Corporation has also provided financial advisory services to a government agency in cooperation with its formation of a public/private partnership to finance the development of a scattered site low income housing project in the City of Pittsburgh. First Capital Corporation has designed the equity offering of low income housing tax credits for purchase by corporate investors.
FCC has prepared disclosure materials, analyzed various purchase proposals, structured disposition, obtained the consent of partners and liquidated the ownership entities at a significant gain to all participants.
To gain a greater understanding of FCC activities, click on a representative case.
- AAF Rent Increases
- Acquisition and Preservation
- Mark to Market Preservation
- Mark Up to Market Preservation
- Real Estate Tax Appeals
- Recapitalization and Disposition
- Tax Exempt Bond Financing