FSCP
Felton Stern Capital Partners
Investor Relations
Investor Relations

Partner With Us.
Invest With Confidence.

FSCP offers institutional investors and family offices a disciplined, fully aligned co-investment platform — backed by nearly three decades of operating history, a 100% closing rate, and principals who invest their own capital in every transaction.

Accredited Investors & Qualified Purchasers Only
$12B+
Combined Transaction Volume
100%
Closing Rate Since Inception
28+
Years Operating History
0
Failed Closings
The Investment Case
Why Invest
With FSCP

The commercial real estate market is crowded with capital platforms. What distinguishes FSCP is not strategy — it is execution. Nearly every firm pursuing value-add commercial real estate follows a similar thesis. Very few can point to the operating infrastructure, the proprietary deal flow, and the track record that FSCP brings to every transaction.

Felton Properties' 28-year history as an owner-operator provides FSCP with something most institutional platforms cannot offer: a fully integrated management team that has navigated every major market cycle of the past three decades — the dot-com collapse, the Global Financial Crisis, and the pandemic-driven dislocation of 2020–2021 — without a single failed closing.

That history is not incidental to the FSCP investment case. It is the investment case.

"We are not asking our partners to trust a business plan. We are asking them to join a platform that has been executing that plan — successfully — for nearly three decades."
Nicholas S. Kucha — Founding Partner
Key Differentiators
Full Principal Alignment
Matthew Felton and Nicholas Kucha invest their own capital alongside every FSCP partner in every transaction. There are no fee-driven acquisition motivations at FSCP. The principals win when — and only when — their partners win.
Integrated Operating Platform
FSCP is not a capital allocator relying on third parties. The Felton Properties operating team — asset managers, construction oversight, leasing, and financial controls — is fully integrated into every FSCP acquisition from day one.
Proprietary Deal Flow
Nick Kucha's institutional brokerage relationships provide FSCP with off-market and pre-market access across the Pacific Northwest and Western U.S. This pipeline is a structural advantage that cannot be replicated by capital-only platforms.
Verified Track Record
Felton Properties' 28-year operating history — 100% closing rate, multi-state portfolio, multiple market cycles — is documented, verifiable, and available to qualified investors through the FSCP investor relations process.
Conservative Capital Discipline
FSCP does not use aggressive leverage to generate returns. Conservative LTV ratios, disciplined underwriting, and patient hold periods protect downside while building long-term value for partners.
Selective by Design
FSCP works with a limited number of capital partners. This is intentional. Selectivity enables deeper alignment, more attentive communication, and a portfolio managed with the focus it deserves.
How We Work Together
Co-Investment Structure
01
Asset-Level Co-Investment
FSCP structures co-investment opportunities at the individual asset level, allowing partners to participate directly in specific acquisitions that align with their investment objectives, geographic preferences, and return requirements. Each investment is structured as a separate entity with its own reporting, waterfall, and governance.
02
Principal Co-Investment
Matthew Felton and Nicholas Kucha invest their own capital in every FSCP transaction alongside their partners. The principals are not passive sponsors — they are co-owners, bearing the same risk and sharing in the same returns as the institutional partners they invite into each opportunity.
03
Preferred Return Structure
FSCP co-investment opportunities are structured to provide investors with a preferred return hurdle before profit participation is shared with the principals. The specific terms — preferred return rate, promote structure, and waterfall — are disclosed fully in the offering documentation for each transaction.
04
Conservative Leverage
FSCP targets 50%–65% LTV across its portfolio. Debt is structured with appropriate coverage ratios, fixed or managed-rate profiles, and loan terms that protect partners against interest rate volatility and asset value stress. Leverage is a return enhancer at FSCP — not a return driver.
05
Hold Period & Liquidity
FSCP targets hold periods of 5–10 years, with disposition timing driven by asset performance and market conditions rather than fund schedules or fee incentives. Partners should expect an illiquid investment. Distributions are made from operating cash flow and upon disposition, consistent with the approved business plan for each asset.
06
Minimum Investment
Minimum investment thresholds vary by transaction and are detailed in the offering documentation for each opportunity. FSCP engages exclusively with accredited investors (as defined under Regulation D) and qualified purchasers (as defined under the Investment Company Act of 1940). All investments are subject to suitability review.
The Path to Partnership
How the Process Works
Step 01
Initial Introduction
Submit an inquiry through our contact page or reach out directly to Nick Kucha. We respond to all qualified introductions promptly and schedule an introductory call at your convenience.
Step 02
Introductory Call
An initial conversation with one or both principals to discuss FSCP's platform, current pipeline, and whether there is a mutual fit between your investment objectives and our co-investment structure.
Step 03
Materials & Due Diligence
Qualified investors receive access to FSCP's investor presentation, track record documentation, and — where applicable — deal-specific offering materials for transactions currently in the market.
Step 04
Suitability & Subscription
Partners complete suitability documentation confirming accredited investor or qualified purchaser status. Subscription documents are executed and capital is called in accordance with the closing schedule for each transaction.
Step 05
Ongoing Reporting
Partners receive regular reporting on asset performance, capital programs, leasing activity, and financial results — with direct access to the principals for questions, updates, and strategic discussions at any time.
Transparency
Reporting &
Communication

FSCP believes that transparency is not a feature — it is a baseline obligation to the partners who have entrusted us with their capital. We communicate openly, report regularly, and make the principals directly accessible to our investors throughout the life of every investment.

There are no surprises at FSCP. When market conditions change, when capital programs evolve, or when a leasing situation develops, our partners hear it from us directly — before they read it in a quarterly report.

Our reporting standards are designed to give investors full visibility into asset performance, capital deployment, leasing activity, and financial results at both the property and portfolio level.

Quarterly Asset Reports
Occupancy, leasing activity, capital program updates, and key tenant developments for each asset in the portfolio
Quarterly
Financial Statements
Property-level and entity-level income statements, balance sheets, and cash flow summaries prepared by the FSCP controller
Quarterly
Annual Audited Financials
Full audited financial statements for each investment entity, prepared by independent auditors
Annual
K-1 / Tax Documents
Schedule K-1s and all required tax documents distributed to investors in accordance with IRS deadlines
Annual
Market & Portfolio Updates
Principal-authored commentary on Pacific Northwest and Western U.S. market conditions, portfolio strategy, and pipeline activity
Semi-Annual
Direct Principal Access
Partners have direct access to Matthew Felton and Nicholas Kucha for questions, discussions, and updates at any time — no intermediaries
Always
Investor Eligibility
Who May Invest
Accredited Investor
As Defined Under SEC Regulation D
Individual with net worth exceeding $1 million (excluding primary residence), alone or with spouse
Individual with annual income exceeding $200,000 (or $300,000 joint) in each of the prior two years with reasonable expectation of the same for the current year
Entities with total assets exceeding $5 million, or entities where all equity owners are accredited investors
SEC-registered investment advisers, broker-dealers, and certain licensed financial professionals
The above is a general summary only. Consult the applicable offering documents and your legal counsel for complete eligibility criteria.
Qualified Purchaser
As Defined Under the Investment Company Act of 1940
Individual owning $5 million or more in investments, as defined under the Investment Company Act
Family-owned company owning $5 million or more in investments not formed for the purpose of investing in the offering
Institutional investor, including endowments, foundations, and pension plans, owning $25 million or more in investments
Person acting for own account or accounts of other qualified purchasers, owning $25 million or more in investments
The above is a general summary only. Consult the applicable offering documents and your legal counsel for complete eligibility criteria.

Ready to Explore
A Partnership?

FSCP engages with a select group of qualified investors on an ongoing basis. If you represent institutional capital, a family office, or a strategic co-investment partner and believe there may be alignment with our platform, we encourage you to reach out directly.

The best conversations begin with a simple introduction. Nick Kucha leads all investor relations activity and is available to speak with qualified parties at any time.

Request an Introduction Review Our Strategy
Investor Relations Contact
NK
Nicholas S. Kucha
Founding Partner — Capital Markets & Investor Relations
nick@feltonstern.com
MF
Matthew Felton
Founding Partner — Operations & Acquisitions
matt@feltonstern.com
Headquarters
6915 S Macadam Avenue, Suite 325
Portland, Oregon 97219
(503) 227-2413