MF Investor, Lender Rebrands to Thrive, FP
Oct 22, 2013
After years of lending money to multifamily property investors – and acquiring its own multifamily portfolio – Principals Capital Funding and First Capital Funding LLC is being rebranded as Thrive, FP. The broadened scope and differing strategies led to the name change, with the "FP" representing "for purpose, for profit."
JP Newman, a managing member of the former First Capital Funding and founder/CEO of Thrive, FP, says the companies' evolution helped prompt the branding change. "Our returns have been consistently good for investors, but with the market changing, we wanted to show a strong connection between the money investors are investing and the impact of those funds on the tenants in the apartment buildings," says Newman, who partners with Adrian Lufschanowski, president of Thrive, FP
Newman tells GlobeSt.com that the goal of the new branding – which has taken six months to implement – is also to follow the double-bottom line type of thinking. "The better we treat our communities and tenants, the more the tenants feel like family, and the more likely they'll stay in our buildings," he remarks
The make-up of those building investments is changing as well. At one point, Principals Capital and First Capital invested in class C properties with value-add potential. Now the focus is primarily on acquiring – and lending money to acquire – class B assets and even some new construction
Newman says the reason for the change is the market, especially the Texas multifamily market. "Population and job growth versus construction is still in favor and we feel it'll stay that way for awhile, but the market has heated up," he points out. "Texas has become a preferred market for everyone, from New York, Chicago and Los Angeles."