First National Realty Partners Completes Strategic Refinance of Brandywine Crossing Following Strong Leasing Execution

 Leasing Momentum and Capital Restructuring Position FNRP's Retail Asset for Continued Growth and Value Creation

BRANDYWINE, Md., July 16, 2025 /PRNewswire/ -- First National Realty Partners (FNRP), a leading national private equity commercial real estate firm, has successfully completed the refinancing of Brandywine Crossing, a grocery-anchored retail center located in the Washington, D.C. metropolitan area. The new loan provides enhanced financial flexibility and supports FNRP's continued execution of its long-term business plan for the asset.

The refinancing follows a period of significant leasing activity and reflects the asset's strengthened performance under FNRP's ownership. Since acquiring Brandywine Crossing in March 2022, the firm has increased occupancy from 89% to 95% by executing 12 new leases and six renewals with tenants including Marshalls, Visionworks and Salon Lofts. These efforts have resulted in what the firm believes is a stronger rent roll, improved tenant stability and a property that is better positioned for sustained success.

Among the most notable leasing wins, the firm moved quickly to backfill a 25,310-square-foot vacancy left by JOANN Fabric and Crafts, securing a lease with Burlington just weeks after JOANN announced it would not renew due to bankruptcy. The speed and quality of the replacement reflect FNRP's agility and the strength of its tenant relationships.

The leasing momentum at Brandywine Crossing, driven by the execution of FNRP's in-house leasing team, was a key factor in enabling the refinance.

"Our team's work at Brandywine Crossing is a strong example of how we approach leasing across the portfolio," said Sam Collier, Chief Revenue Officer at FNRP. "Our ability to retain anchors, adapt to tenant changes and fill space quickly reflects the strength of our platform and our focus on execution. That consistency gives us the flexibility to take advantage of opportunities that position each asset for long-term success."

In the current economic environment, refinancing emerged as the most effective path forward for Brandywine Crossing. It supports the original business plan while preserving upside potential for investors. The decision reflects FNRP's disciplined, asset-by-asset approach, grounded in doing what's right for each property to drive long-term performance and investor returns.

The new four-year loan includes future funding for approved leasing expenses and facilitated the release of escrowed funds previously held by the prior lender. The refinancing also improved cash flow at the asset level, enabling a significant distribution to be made to Brandywine Crossing investors.

"This refinancing marks a meaningful milestone for Brandywine Crossing and our investors," said Andrew DeNardo, President at FNRP. "With a more efficient capital structure in place, we were able to unlock reserves, resume distributions and continue executing on our business plan. The strength of our leasing activity, particularly retaining key anchors and securing Burlington, was a critical driver in making this possible and reinforces our commitment to maximizing value across the portfolio."

The property continues to benefit from strong market fundamentals. Brandywine Crossing features long-standing anchor tenants such as Safeway and Marshalls, with Burlington joining the lineup through a recently executed lease. The center is also shadow-anchored by Target and Costco.

Brandywine Crossing is strategically located along Route 301, a major commuting corridor, with daily traffic exceeding 108,000 vehicles. The surrounding trade area boasts an average household income of over $137,000 within a five-mile radius. Planned transit improvements, including a proposed light rail stop near the center, are expected to further enhance accessibility and long-term value.

FNRP will continue executing its business plan for Brandywine Crossing, including the buildouts of Burlington, Buffalo Wild Wings GO and Another Broken Egg Café. The firm will also pursue additional leasing activity and explore outparcel sale opportunities to further enhance the property's value.

About First National Realty Partners

First National Realty Partners (FNRP) provides accredited investors with access to institutional quality commercial real estate, specializing in necessity-based retail nationwide. From acquisition to disposition, FNRP oversees the entire investment lifecycle through its vertically integrated platform. Leveraging top in-house talent in legal, acquisitions, leasing, and other key areas, FNRP creates sustainable value for its investors. For more information, please visit www.fnrpusa.com.

Contact:
Jessica DeMarino
[email protected]

SOURCE First National Realty Partners, LLC