Getting Started – 1977

  • In 1977, First Capital Corporation was founded by Terry A. Lerman in Pittsburgh, PA.
  • First Capital provided more than $50 million in equity capital to developers of affordable and market rate housing.

The 1980’s Into the 90’s

  • By 1985, First Capital had assembled a portfolio of 58 properties in eight states.
  • In the 1990’s First Capital refined its service offerings to enhance the value of its various projects. This involved recapitalizations, enhanced management to improve revenues and decrease expenses, repositionings, and dispositions.

2000’s – A New Era

  • First Capital broadened its debt restructuring, refinancing, and recapitalization services beyond its own portfolio to properties owned by third parties.· First Capital achieved $100 million of refinancing and restructuring for clients.

Today – 30 Years of Experience

  • Today First Capital provides advisory services for complex projects. These services fall under four major categories: Equity Financing, Asset Management, Advisory Services, and Investor Servicing.
  • First Capital’s portfolio now consists of 52 apartment complexes with more than 3,900 units and a total replacement cost in excess of $250 million.
  • First Capital’s portfolio includes projects in eight states: Pennsylvania, Ohio, Maryland, West Virginia, Kentucky, Tennessee, North Carolina, and Florida.
  • First Capital has disposed of over $82,000,000 worth of properties providing substantial returns for investors.
  • First Capital is an advocate of affordable housing and the advantages of these projects as long-term investments.