FrontView REIT Secures $75 Million Strategic Investment Led by Maewyn Capital Partners
FrontView REIT, Inc. (NYSE: FVR) announced that it has entered into an agreement for a $75 million delayed-draw convertible perpetual preferred equity investment, led by Maewyn Capital Partners (“Maewyn”). The transaction represents a major milestone for FrontView, strengthening its capital base and supporting the company’s continued expansion across its high-visibility net lease property portfolio.
“We are proud to announce this growth equity investment, which marks a major endorsement of our strategy and platform,” said Stephen Preston, Chairman and Chief Executive Officer of FrontView. “This bespoke capital commitment positions us to accelerate AFFO per share growth through disciplined acquisitions of high-quality frontage properties, furthering our goal of building a best-in-class net lease portfolio.”
Pierre Revol, Executive Vice President and Chief Financial Officer of FrontView, added, “Partnering with Maewyn brings a highly experienced real estate investment partner who recognizes both the strength of our platform and the opportunities ahead. Their institutional perspective and strategic support will be invaluable as we enter the next phase of our growth.”
Charles P. Fitzgerald, Founder and Managing Partner of Maewyn Capital Partners, stated, “It’s rare to find a company with such a well-diversified and durable asset base. Combined with a seasoned management team, FrontView represents an exceptional investment opportunity. This capital infusion will help the company build on its foundation and continue evolving into a leading net lease REIT. We are proud to support FrontView’s long-term growth.”
Use of Proceeds
FrontView expects to deploy the proceeds from this investment to fund approximately $100 million in acquisitions during 2026, focusing on highly trafficked, well-located properties with premium frontage visibility. These assets align with the company’s strategy of acquiring properties leased to service-oriented and consumer-facing tenants in prime commercial corridors.
Key Terms of the Convertible Perpetual Preferred
Under the terms of the agreement, FrontView will issue up to $75 million of Series A convertible perpetual preferred stock (“Convertible Preferred Shares”) in one or multiple tranches. All capital must be drawn within one year from the agreement date.
- Dividend Rate: 6.75% per annum, payable quarterly in cash, with a step-up after the fourth anniversary of the final draw if the shares remain outstanding.
- Conversion Option: Holders may convert their shares into common stock at a conversion price of $17.00 per share at any time.
- Company Conversion Right: Two years after the final draw, FrontView may convert the preferred shares into common stock if the volume-weighted average price exceeds 17.5% above the conversion price for 30 consecutive trading days.
- Redemption Option: The company may redeem the shares at par value any time after the third anniversary of the final draw. Upon redemption, FrontView will issue a five-year warrant exercisable at $17.00 per share.
- No Make-Whole Provision: The structure excludes typical make-whole or redemption penalties found in comparable securities.
- Board Representation: Maewyn gains the right to appoint one member to FrontView’s Board of Directors, with Charles P. Fitzgerald serving as the initial designee.
Mr. Fitzgerald brings nearly 30 years of REIT and investment management experience, having held senior roles at JP Morgan Investment Management, High Rise Capital Management, and V3 Capital Management, which he founded and led as Managing Partner.
Strategic Rationale and Benefits
This investment provides multiple long-term advantages for FrontView:
- Attractive Cost of Capital:
The transaction offers a lower cost of capital compared to issuing common equity at current market levels. With a conversion price more than 30% above the company’s recent trading levels, it ensures value accretion for shareholders while supporting strategic acquisitions. - Favorable and Flexible Terms:
The delayed-draw structure allows FrontView to align capital deployment with acquisition timing, while redemption and conversion features offer significant flexibility. The absence of make-whole provisions and the ability to redeem at par after three years further enhance the deal’s efficiency. - Accretive to Earnings:
The transaction is expected to be immediately accretive to AFFO as capital is drawn. When fully deployed, it is projected to deliver approximately 3% AFFO per share accretion, based on an estimated capitalization rate of 7.25% for planned acquisitions. - Validation of Strategy:
The investment underscores market confidence in FrontView’s differentiated focus on frontage-based properties that provide tenants with strong brand visibility, convenience, and high consumer exposure. - Enhanced Governance and Alignment:
The appointment of Mr. Fitzgerald to the board enhances FrontView’s governance and strategic oversight. Additionally, an affiliate of Maewyn already owns 944,064 common shares, representing 3.4% of FrontView’s outstanding stock—further aligning interests with shareholders.
Advisory Roles
- Legal Advisors:
Fried, Frank, Harris, Shriver & Jacobson LLP advised FrontView REIT, while Latham & Watkins LLP represented Maewyn Capital Partners. - Financial Advisors:
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, and Wells Fargo Securities LLC served as financial advisors to FrontView.
BofA Securities and Santander US Capital Markets LLC advised Maewyn.
FrontView REIT, Inc. (NYSE: FVR) is an internally managed net-lease real estate investment trust focused on acquiring, owning, and managing properties with direct frontage on high-traffic roads. The company’s portfolio includes properties leased to service-oriented tenants across sectors such as retail, automotive, medical, dining, and financial services. FrontView’s strategy emphasizes properties that provide tenants with exceptional consumer visibility, convenience, and brand exposure, supporting long-term stability and growth.
Maewyn Capital Partners LLC, based in Dallas, Texas, is a private investment firm founded in 2025 by Charles P. Fitzgerald. Drawing on nearly three decades of experience in real estate investment and asset management, Maewyn focuses on value creation across real estate markets through disciplined, cycle-aware strategies. The firm’s philosophy emphasizes collaboration with management teams and stakeholders, continuing the legacy of thoughtful and active investment established at Mr. Fitzgerald’s prior firm, V3 Capital Management.
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