April 04th, 2016
Orangewood Partners and David B. Henry, Former Kimco Realty Corporation CEO, Launch Peaceable Street Capital
Specialty Finance Platform to Invest in Small and Mid-size Income Producing Real Estate in North America
Company has Completed Two Transactions
NEW YORK (BUSINESS WIRE) Orangewood Partners (“Orangewood”), a private investment firm that invests in growth businesses and special situations, announced the launch of Peaceable Street Capital (“PSC” or the “Company”), a specialty finance platform focused on small and mid-sized income producing real estate in North America. PSC is led by David Henry, former Vice-Chairman and CEO of Kimco Realty Corporation (NYSE: KIM). Fred Kurz, former General Manager of preferred equity investments at Kimco and long-time colleague of Mr. Henry has also joined the Company as Chief Executive Officer. PSC invests preferred equity capital across a broad range of real estate assets, including multi-family, office, self-storage, industrial, retail, mobile home parks, parking, health care and hotels.
“The retreat of traditional sources of capital due to regulatory restrictions and the current volatility of the CMBS market has created an opportunity for financing small and medium sized real estate transactions,” said PSC Co-Founder David Henry.
We are pleased to partner with Alan Goldfarb and Orangewood and believe now is the optimal time for Peaceable Street Capital to build a diversified portfolio of high quality real estate investments, with a focus on current income, low credit risk and equity upside.
Alan Goldfarb, Founder and Managing Partner of Orangewood, said, “David Henry and Fred Kurz have exceptional track records of success identifying and investing in unique real estate assets with strong growth and income potential. We are excited to partner with Dave and Fred and look forward to building a tremendous business together.”
The Company also announced that it has completed two transactions since inception. In January, PSC completed its first transaction – a preferred equity investment in the multi-family sector. In March the Company completed a preferred equity investment in a portfolio of self-storage facilities. Both of these investments are in partnership with best-in-class operating partners who also invested equity in these transactions.
Messrs. Henry and Kurz have more than 30 years of real estate investment experience, having worked together for most of that time at Kimco and General Electric (“GE”). Mr. Henry served as the Chief Executive Officer at Kimco from 2009 - 2015 and as its Vice Chairman from 2001 - 2015. Prior to joining Kimco in 2001, Mr. Henry was at GE, where he served as the Chief Investment Officer and Senior Vice President at GE Capital Real Estate from 1997 - 2001, and was responsible for helping manage real estate investments totaling more than $20 billion in 11 countries worldwide. In addition to Peaceable Street Capital, Mr. Henry currently serves on the Board of Directors of Columbia Property Trust, Inc., VEREIT, Inc., Tanger Factory Outlet Centers Inc., HCP, Inc. (also known as Health Care Property Investors Inc.), and Fairfield County Bank, a Connecticut mutual savings bank. Mr. Henry received his M.B.A. from the University of Miami and holds a B.S. in Business Administration from Bucknell University.
Mr. Kurz served as Vice President and General Manager at Kimco and was a founding member of Kimco’s Preferred Equity Program. He also directed several different departments, including Kimco Select, Structured Investments, and Risk Management. Prior to joining Kimco, Mr. Kurz served as a Senior Vice President and Managing Director at GE Capital Real Estate’s Eastern Territory, covering 12 states that generated $1.5 billion in structured investments during his tenure. Earlier in his GE career, Mr. Kurz served as District Manager of the firm’s Philadelphia office. Mr. Kurz holds an MBA from the Kellogg School of Management at Northwestern University, a Masters of Regional Planning from the University of Pennsylvania, a Masters of Arts in Geography from Temple University, and a B.A. from Mansfield University.
About Peaceable Street Capital
Peaceable Street Capital (PSC), based in Philadelphia, PA and with offices in New York City, is a specialty finance platform focused on small and mid-sized income producing real estate in the United States and Canada. PSC is led by David Henry, former CEO of Kimco Realty Corporation (Kimco), and Fred Kurz, former General Manager of preferred equity investments at Kimco, and is backed by Orangewood Partners. PSC targets preferred equity investments ranging from $1-$20 million per transaction across a broad range of real estate assets, including multi-family, office, self-storage, industrial, retail, mobile home parks, parking, health care and hotels. For more information, please visit www.peaceablestreet.com.
About Orangewood Partners
Orangewood Partners is a New York-based private investment firm that pursues equity and credit investments in both public and private companies. Orangewood Partners was founded in 2015 by Alan Goldfarb, former Managing Director of Special Situations at Senator Investment Group and former Principal at The Carlyle Group. For more information, please visit www.orangewoodpartners.com.