--- title: "First National Realty Partners (FNRP) Review 2026: Fees, Returns, Lawsuits and What the Filings Show" url: https://altstreet.investments/platforms/reviews/first-national-realty-partners kind: platform-review updated: 2026-11-08 description: "First National Realty Partners (FNRP) review: how its return disclosure went from a 15% inception IRR to five selected exits, what 87 Form D notices show, a 6% hurdle with no public fee rates, and where three investor fraud suits stand." publisher: AltStreet (https://altstreet.investments) license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted. --- # First National Realty Partners (FNRP) Review 2026: Fees, Returns, Lawsuits and What the Filings Show First National Realty Partners (FNRP) is a Red Bank, New Jersey sponsor that buys grocery-anchored shopping centers and raises one LLC per property from accredited investors under Rule 506(c), with a $50,000 minimum, plus tenancy-in-common interests for 1031 exchanges. What FNRP has told the public about investor returns changed over three years: a track-record page that headlined a 15.0% net IRR since inception in December 2023 dropped the figure by December 2024 and by March 2026 showed five selected exits and a 5.4% cash-on-cash return on the ten properties bought since 2023; the investor pages came down in spring 2026. Its 76 vehicles on EDGAR have offered $1.41 billion since 2015; FNRP states $920 million of equity commitments from 3,100 investors. Three groups of investors are in federal court alleging securities fraud over claimed investments that sum to about $31 million; FNRP calls the claims untrue, and no court has reached the merits. AltStreet score: 25.0 (F), scored November 8, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | First National Realty Partners | | What it is | Real Estate Sponsor | | Asset class | Real Estate / Grocery-Anchored Retail | | Website | fnrpusa.com | | Review first published | November 8, 2026 | | Last updated | November 8, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version The most useful record on FNRP is the history of what it disclosed about investor returns. In December 2023 its track-record page headlined '15.0% Net IRR to Investors Since Inception' beside $2 billion of assets, $100 million of distributions and 2,600 investors. By December 2024 the IRR was gone and the counters remained. By March 2026 the page showed five selected exits, the same five it had shown since 2023, a measured 5.4% period-to-date cash-on-cash return against 5.3% marketed on the ten properties bought since 2023, and the sentence that FNRP does not value its properties during ownership. Between March 12 and April 11, 2026 the investor pages came down; the live site addresses sellers and tenants and routes investors to a survey form and a Juniper Square login. What a prospective investor can verify today is therefore the filings: 76 vehicles, $1.41 billion offered, sales reported at filing of $109.5 million against FNRP's own $920 million of commitments, a 6% distribution hurdle, and no fee rate in any public material. Three groups of investors are in the District of New Jersey alleging securities fraud over claimed investments that sum to about $31 million across some 50 vehicles; FNRP sued the first group in February 2025 to force arbitration, lost that motion without prejudice in August 2026, and renewed it in September; a third group sued in July 2026 and amended its complaint on November 5. FNRP calls the allegations untrue and meritless, and nothing has been decided on the merits. The two founders named on 83 and 81 of the 87 notices, and the president named on 78, are not on the current team page. In AltStreet's EDGAR dataset no FNRP vehicle filed a new Form D notice in 2026 through November 8; the latest, Marc's Center, filed on December 16, 2025 and FNRP announced that acquisition in March 2026. - **15.0%, then five exits** What FNRP reported about returns, by archived copy. December 20, 2023: '15.0% Net IRR to Investors Since Inception'. December 26, 2024 (figures as of August 9, 2024): no inception IRR; $2 billion of assets, $120 million of distributions, 2,900 investors. March 13, 2026 (figures as of January 16, 2026): five 'Select Dispositions' with stated net IRRs of 23.7% (a Uniondale ShopRite, 1.52x), 45.0% (a Sun Prairie Pick n' Save, 1.41x), 13.9% (Colony Business Park, 1.71x), 13.5% (Lenape Plaza, 1.31x) and 6% (Ashland Hanover, 1.2x), described by FNRP as 'select properties with select results' from funds with 'varying results'; and 5.4% period-to-date actual cash-on-cash against 5.3% marketed on ten properties bought 2023 to 2025 ($229 million purchase price, $135 million equity, updated March 14, 2025). A 1031 page archived the same month still carried 'Historical Average Returns 23.14%' as of the second quarter of 2022. Platform figures, not verified. - **3 proceedings** FNRP v. May (D.N.J. 3:25-cv-01119, filed by FNRP February 10, 2025): seven investors' counterclaims of June 25, 2025 claim about $12.2 million in 21 funds; FNRP's motion to compel arbitration denied without prejudice August 27, 2026; renewed September 23, 2026, opposed and replied to in October. McGrath v. FNRP (3:25-cv-13714, filed July 24, 2025, amended April 20, 2026): about $9.4 million in 28 funds; FNRP's answer deferred to the arbitration ruling. JLC Private Investments v. FNRP (3:26-cv-08948, filed July 17, 2026): ten plaintiffs stating $9,530,776 in 23 LLCs; amended complaint docketed November 5, 2026, not read. The roughly $31 million is the sum of claimed investments across the three pleadings AltStreet read. All name FNRP, two affiliates and eight executives including both founders. FNRP's statement of November 25, 2025 calls the allegations 'untrue' and 'meritless'. No merits ruling in any of them. - **$1.41B offered, $109.5M reported sold** 76 FNRP filers on EDGAR, 2015 to 2025: $1,409,903,232 offered on their latest notices, $109,505,622 sold to 1,444 investor participations as reported at the time of filing. Nine filers ever amended, and those nine carry $73 million of the reported sales (Brandywine Crossing $28.75 million from 238 investors, Champions Village $13.63 million from 206). FNRP's own count is $920 million of equity commitments from 3,100 investors (September 2025). A Form D reports the amount sold on the day it is filed and no amendment is required for a change in that amount alone, so the gap is a disclosure gap in the public record, not a filing lapse. - **6% distribution hurdle** The only economics in the archived investor pages: a preferred return of 'six percent (6.0%) per annum', compounded monthly, 'after payment of all fees owed to First National Realty Partners LLC and its affiliates and subsidiaries', with targeted net IRRs of 10% to 14% and 5% to 7% cash-on-cash over 4 to 7 year holds on the five vehicles shown in March 2026. AltStreet could not verify, in the public materials it reviewed, any acquisition fee, asset management fee, property management fee, leasing commission, construction management fee, disposition fee or the promote split above the hurdle; FNRP's offering documents were not available to AltStreet. No notice reports sales compensation; the July 2026 complaint alleges commissions were paid to in-house salespeople 'under the guise of a bonus pool', an allegation FNRP denies. - **$150M+ distributed** FNRP's stated cumulative distributions since 2015: $100 million (December 2023), $120 million (as of August 2024), $140 million (June 2025, with 'over $5 million' in the first quarter of 2025), $150 million or more (January 2026). These are cumulative cash figures and do not establish an investor return. The complaints allege lender cash sweeps stopped distributions at Brandywine Crossing from the third quarter of 2022 and at Haymarket Center from the fourth quarter of 2022; FNRP announced a Brandywine refinancing in July 2025 after occupancy rose from 89% to 95%. - **0 new notices in 2026** In AltStreet's EDGAR dataset, new FNRP vehicles by year of first notice ran 10 (2020), 23 (2021), 18 (2022), 7 (2023), 8 (2024) and 4 (2025), and none filed in 2026 through November 8. That is a finding about Form D notices, not about FNRP's fundraising, which the filings do not measure: the latest vehicle, Marc's Center SC Realty Fund, filed on December 16, 2025 and FNRP announced the acquisition on March 6, 2026, and FNRP hired a senior vice president of investor relations in October 2025 to expand participation in its offerings. Data note: Form D figures are from each FNRP filer's latest notice as of November 8, 2026 and report amounts sold as of the filing date. Site figures are FNRP's statements on pages captured November 8, 2026 or on dated Internet Archive copies, as labeled. Court allegations are quoted as allegations from the pleadings AltStreet read. Nothing in this review is audited. ## Key figures | Figure | What it is | Context | | --- | --- | --- | | 15.0% to 5 | Inception IRR claim (2023) to five selected exits (2026) | The IRR left the track-record page by December 2024; the page itself left the site in spring 2026. | | $1.41B | Offered on 76 Form D filers | 2015 to 2025; $109.5M of sales reported at filing against FNRP's stated $920M of commitments. | | 3 proceedings | Investor groups alleging fraud | Claims summing to about $31M; FNRP denies; renewed motion to compel arbitration pending. | | 0 in 2026 | New FNRP Form D notices in AltStreet's dataset | After 23 in 2021 and 18 in 2022; four in 2025, the last on December 16. | ## Verdict Three things can be read in one place. What FNRP reported historically: a 15.0% inception IRR in December 2023, withdrawn by December 2024, replaced by March 2026 with five selected exits and a 5.4% cash-on-cash figure on the post-2023 cohort, then no investor pages at all. What can be verified today: 76 vehicles, $1.41 billion offered, $109.5 million of sales reported at filing against $920 million FNRP says it raised, a 6% distribution hurdle calculated after fees whose rates do not appear in any public material, and 67 centers under in-house management. Where each case stands: counterclaims pending behind a renewed motion to compel arbitration, a second suit waiting on that ruling, a third suit amended on November 5, 2026, and no decision on the merits. Read the offering documents and the dockets before wiring $50,000 into one shopping center. **Best for** - Accredited investors who obtain the PPM, the loan terms and the rent roll, who have read the D.N.J. pleadings, and who want one named grocery-anchored center with an in-house operator **Look elsewhere if** - You need a fee schedule and a full track record before you register - You need income you can count on, or your money back within five years - You are uncomfortable investing with a sponsor in active fraud litigation with its own investors, whatever the eventual outcome **Strengths** - Vertically integrated operator: in-house acquisitions, leasing, property and asset management across 67 centers and about 12 million square feet - Form D notices filed for 76 vehicles; 85 of 87 under Rule 506(c) with accreditation verification - Five published exits at stated net IRRs of 6% to 45%, and a measured 5.4% actual cash-on-cash against 5.3% marketed on the ten properties bought since 2023 - Stated cumulative distributions of $150 million and 3,100 investors; quarterly reporting through a third-party portal - No regulatory action located; the court record to date is procedural **Limitations** - No fee rate in any public material reviewed; the 6% hurdle is calculated after affiliate fees - 67 of 76 vehicles never report what they raised; FNRP's own figure is $920 million against $109.5 million on the notices - Three investor groups allege fraud across about 50 vehicles; FNRP sued its investors first to compel arbitration, lost that motion without prejudice and has renewed it - Investor pages removed in spring 2026; the inception IRR claim removed in 2024; no disposition result since 2022; no interim valuations - Founders and former president absent from the team page while named on the notices and in the suits ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | Accredited investors who want direct exposure to a named grocery-anchored center run by an in-house operator, and who will read the PPM and the court filings first | neutral | | | 1031 exchange investors needing a replacement property | neutral | | | Income investors | poor-fit | | | Investors who need liquidity or a verifiable record | poor-fit | | ## Questions **Is First National Realty Partners legit?** It is a real company operating since 2015 that owns about 67 grocery-anchored shopping centers, has filed Form D notices for 76 investment vehicles, and reports to about 3,100 investors through a Juniper Square portal. AltStreet located no regulatory action against FNRP or its principals. Three groups of its investors are in federal court alleging securities fraud over claimed investments that sum to about $31 million, which FNRP calls untrue and meritless; no court has decided the merits. The concerns for a new investor are the unresolved suits, fee rates that are not in any public material, raise figures that are not public, and a return record that moved from a 15% inception IRR claim to five selected exits. **What is the FNRP lawsuit about?** Three sets of investors allege the same things: that FNRP paid its in-house salespeople transaction-based compensation without a broker-dealer, bought properties at or above market and marked them up to investors while charging fees on the higher figure, moved money to affiliates, and promised returns it had no basis for. FNRP sued seven of them first, in February 2025, to force arbitration; they counterclaimed in June 2025 (about $12.2 million in 21 funds). A second group sued in July 2025 (about $9.4 million in 28 funds) and a third in July 2026 ($9.5 million in 23 LLCs), amending its complaint on November 5, 2026. FNRP's first motion to compel arbitration was denied without prejudice in August 2026; a renewed motion filed September 23, 2026 is pending. FNRP says the allegations are false and retaliatory. These are allegations. **What does FNRP charge?** AltStreet could not find a fee rate in any public FNRP material. The archived investor page defines a preferred return of 6% a year, compounded monthly, 'after payment of all fees owed to First National Realty Partners LLC and its affiliates and subsidiaries', which makes the 6% a distribution hurdle calculated after fees, and defines net IRR as 'reflective of all fees charged and paid' to the same parties. The acquisition, asset management, property management, leasing, construction management and disposition fees and the promote above 6% would be in each offering memorandum, which AltStreet did not have. Ask for all of them by rate and base. **What is the minimum investment?** $50,000 on 82 of the 87 FNRP Form D notices, for accredited investors only under Rule 506(c), which requires FNRP to verify accreditation. The 2015 and 2016 funds had $10,000 minimums; a 2025 Cap Cana vehicle $25,000. 1031 exchange investors take tenancy-in-common interests sized to their exchange. **What returns has FNRP reported?** In December 2023 its track-record page headlined a 15.0% net IRR since inception; by December 2024 that figure was gone. The March 2026 archived page shows five select exits: a Uniondale ShopRite (23.7% net IRR, 1.52x), a Sun Prairie Pick n' Save (45.0%, 1.41x), Colony Business Park (13.9%, 1.71x), Lenape Plaza (13.5%, 1.31x) and Ashland Hanover (6%, 1.2x), the same five since 2023, and a 5.4% actual cash-on-cash return against 5.3% marketed on the ten properties bought 2023 to 2025. FNRP says it does not value properties during ownership and that other funds have had 'varying results'. The page is no longer on the live site. The figures are FNRP's, not verified. **How much has FNRP raised?** FNRP says $920 million of equity commitments from 3,100 investors as of September 2025. The 76 vehicles' Form D notices report $109.5 million sold, because a Form D reports sales as of its filing date and FNRP amended only nine of them. The notices show $1.41 billion offered in total. **Does FNRP pay distributions?** FNRP targets quarterly distributions and says they are 'not guaranteed'. It states cumulative distributions of $100 million by December 2023, $120 million as of August 2024, $140 million by June 2025 (with over $5 million in the first quarter of 2025) and $150 million or more by January 2026; those are cumulative cash figures, not a return. The investor complaints allege lender cash sweeps stopped distributions at Brandywine Crossing and Haymarket Center from 2022 and at Shore Center from 2025; FNRP refinanced Brandywine in July 2025. No distribution history by vehicle is public. **Why did FNRP's website change?** Internet Archive snapshots show the investor pages (How It Works, Invest, Track Record, 1031 Exchange, Deal Lobby) on March 12, 2026 and an operator home page addressed to tenants and sellers on April 11, 2026 and since. Those addresses now return the home page or a 404. Investors are routed to a survey form and a Juniper Square login. FNRP has not stated a reason publicly; it hired a Senior Vice President of Investor Relations in October 2025 and continues to describe expanding its offerings. **Who runs FNRP?** The team page in November 2026 lists Jared Feldman (Executive Chairman), Kurt Padavano (COO), Bill Comeau (CFO), Michael Hazinski (CIO), Sam Collier (CRO) and Zain Naqvi (General Counsel). The Form D notices name Anthony Grosso and Christopher Palermo as related persons on 83 and 81 of the 87 FNRP notices and Andrew DeNardo on 78; all three are defendants in the investor suits and none appears on the team page. Grosso and Palermo are also executive officers of PickleRage LLC, a Miami Beach pickleball venture with its own Form Ds since 2023. **Can I do a 1031 exchange with FNRP?** FNRP has offered tenancy-in-common interests in its centers to exchange investors and says it has completed more than 100 exchanges. TIC investors sign a tenancy-in-common agreement and an asset management agreement with FNRP, both with arbitration clauses, and depend on FNRP's management and eventual sale. Several TIC entities are parties to FNRP's suit against its investors. **Can I sell my FNRP investment?** No market exists and the public site describes no transfer mechanism. Capital returns when FNRP sells or refinances the center, on targeted holds of 4 to 7 years. **Is FNRP audited?** AltStreet located no audit report, auditor or administrator for any FNRP vehicle in public material and did not request one, so audit status is unverified. Investors receive quarterly reports through Juniper Square. **How does FNRP compare with CrowdStreet or Fundrise?** CrowdStreet is a marketplace where investors pick other sponsors' deals at similar minimums with the sponsor's fees shown in each offering; Fundrise runs diversified funds with audited statements, redemption programs and published fees at $10 minimums. FNRP is the sponsor itself, offering one grocery-anchored center at a time to accredited investors at $50,000, with its fee rates in offering documents AltStreet could not review and a public track record of five selected exits. Its advantage is direct ownership of a named asset run by an in-house operator; its cost is opacity and, today, unresolved litigation. ## Evidence appendix Platform website captured November 8, 2026. 96 Form D notices and amendments of 81 filers read from raw XML (filer list from EDGAR full-text search for 'First National Realty Partners', 'fnrpusa.com', 'FNRP', 'Anthony Grosso' and 'Christopher Palermo' plus entity lookups), of which 87 notices from 76 FNRP filers are counted and nine PickleRage notices are set aside; 188 fnrpusa.com pages captured by Firecrawl on November 8, 2026, including 135 news posts and the Property Capsule property list; Internet Archive copies of the how-it-works, invest, track-record, 1031 exchange, FNRP360 and firm pages dated December 2023, December 2024 and March 2026; CourtListener RECAP dockets and documents for D.N.J. 3:25-cv-01119, 3:25-cv-13714 and 3:26-cv-08948 (July 17, 2026 complaint OCR'd with AWS Textract; the November 5, 2026 amended complaint not available), D. Nev. 2:26-cv-00494 and D.N.J. 1:20-cv-16426; SEC adviser search, FINRA BrokerCheck and AltStreet's enforcement tables; a 2025 S.D.N.Y. lender dispute that surfaced in full-text search and does not involve FNRP as a party. Not done: state courts, state regulators, the investor portal, the offering documents. **Highlights** - Track record (archived December 20, 2023): '15.0% Net IRR to Investors Since Inception'. - Track record (archived March 13, 2026): 'Investors should note that the properties above are select properties with select results, and FNRP has had other funds and properties with varying results and performance.' - Track record (archived March 13, 2026): 'we do not value the underlying assets in these funds during time of ownership but can provide other performance results upon request'. - Invest page (archived March 12, 2026): 'Preferred Return is the cumulative Net IRR return, compounded monthly, of six percent (6.0%) per annum on an investor's capital investment, after payment of all fees owed to First National Realty Partners LLC and its affiliates and subsidiaries.' - FNRP v. May, order of March 26, 2026: 'the May defendants collectively invested about $12.2 million in 21 separate FNRP-sponsored funds, and the McGrath plaintiffs collectively invested about $9.4 million in 28 FNRP-sponsored funds'. - FNRP v. May, order of August 27, 2026: 'Plaintiffs' Motion to Compel Arbitration and Stay Litigation (ECF No. 25) is DENIED without prejudice.' - JLC complaint, para 3 (July 17, 2026): 'paying illegal commissions to their salespersons in violation of SEC Regulation D' (allegation). - FNRP statement, November 25, 2025: 'the allegations made by these individuals are untrue and contrary to everything we stand for.' - News, September 18, 2025: 'expanding to 3,100 accredited investors and raising over $920 million in equity commitments since inception'. **Primary source pages** - fnrpusa.com home, firm, team, acquisitions, tenants, news posts and Property Capsule list (captured November 8, 2026) - Internet Archive copies of fnrpusa.com/track-record (December 20, 2023; December 26, 2024; March 13, 2026), /invest, /how-it-works, /1031-exchange, /fnrp360 (March 12, 2026) - SEC EDGAR Form D notices and amendments of the 76 FNRP vehicles, 2015 to 2025 - First National Realty Partners LLC v. May, D.N.J. 3:25-cv-01119: memorandum opinion of September 25, 2025 (doc 69), memorandum orders of March 26, 2026 (doc 74) and August 27, 2026 (doc 75); docket entries through October 26, 2026 - McGrath v. First National Realty Partners LLC, D.N.J. 3:25-cv-13714: docket entries through October 6, 2026 - JLC Private Investments LLC v. First National Realty Partners LLC, D.N.J. 3:26-cv-08948: complaint of July 17, 2026 (doc 1, 81 pages); docket entries through November 5, 2026 - SEC Investment Adviser Public Disclosure and FINRA BrokerCheck searches (no record matching FNRP) ## Related - Full review (HTML): https://altstreet.investments/platforms/reviews/first-national-realty-partners - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/categories/fractional-real-assets --- Source page: https://altstreet.investments/platforms/reviews/first-national-realty-partners Machine index: https://altstreet.investments/llms.txt AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.