As featured in the Austin Business Journal, October 16, 2013. Article written by Jan Buchholz.
Principals Capital Funding and First Capital Funding, two Austin-based real estate investment firms, will rebrand under one entity to be known as Thrive FP, effective Oct. 22.
The entities had been operated, respectively, by J.P. Newman and Adrian Lufschanowski. Newman will serve as CEO of Thrive FP, while Lufschanowski will be president.
Newman was a former vice president of Family Entertainment at Sony Home Entertainment. The Austin Business Journal first wrote about his move into real estate in Central Texas in 2005.
Principals Capital Funding and First Capital Funding have acquired a $140 million portfolio during the past two years, including about 3,000 apartment units in Austin, Dallas, Houston, San Antonio and Tempe, Ariz. The new firm will launching a und to buy about $10 million in distressed assets in California, principally single family homes. That effort will be handled in conjunction with Crest Equities LLC of Southern California.
In addition to its own acquisitions, First Capital Funding has provided $30 million in loans in the past three years. Thrive FP will continue to issue both hard and now, soft money loans. Hard money loans typically are for individuals who don’t qualify for bank loans and are deemed riskier. Soft money loans are for better qualified borrowers and usually come with much lower interest rates.
Thrive FP will cater to apartment investors and builders, but will venture outside of those parameters, as well.
The company’s new website is ThriveFP.com.