First National Realty Partners (FNRP) Review 2026: Fees, Returns, Lawsuits and What the Filings Show

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.

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.

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.

$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.

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.

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.

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.

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.

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.

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.

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.

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.

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.