WHO WE ARE
We invest capital in real estate and other alternative investments.
Since the Firm’s inception in 1990, the principals of Farragut have personally been involved in 95 distinct transactions valued at $8.2 billion with an average size over $96 million. These projects have taken the form of asset, stock, LLC and partnership purchases and sales or discrete fundraising assignments where the Farragut team acted as principal, issuer advisor, buy-side or sell-side advisor in transactions involving various types of real estate as well as equipment and power project finance assets. The investments were made globally in jurisdictions such as many US states, England, Scotland, Ireland, the Netherlands, Canada, Australia and Japan.
Since 2010, Farragut has been focused on investing capital on behalf of the principals of the Firm and a group of long-standing investment partners.
From 2005 to 2009, certain of the Firm’s principals co-founded and managed Farragut Capital LLC, a broker-dealer which specializes in the private placement of securities for real estate and other alternative investments. While with Farragut Capital, those principals raised over $1.25 billion of US, European and Middle Eastern capital from endowments, pension funds, foundations, sovereign wealth funds, private equity firms, insurance companies, funds-of-funds, banks, multi-family offices and high net worth individuals for investment in real estate by managers located in the US, Europe and Asia.
Principals of Farragut have invested in partnerships which own in excess of 6 million square feet of real estate, including retail, residential, office and industrial properties. In addition, an affiliated asset management company managed approximately $1.4 billion of equipment and real estate.
Farragut is focused on investing in US real estate with the following characteristics:
- Transactions requiring $2-15 million of equity with a total capitalization of less than $50 million;
- Well located in growing markets with high barriers to entry and multiple demand drivers;
- Willingness to pursue transactions with little, no or negative cash flow for initial periods of time;
- May involve long-term holding periods or uncertain exit time frames;
- May have a value-add component requiring lease-up, repositioning or renovation;
- Multifamily apartments, hotels, retail, office, industrial and specialized real estate such as undeveloped land, self-storage and student housing.
General Partner Positions
Farragut provides capital to general partners in partnerships with institutional investors. In addition to capital, Farragut believes that it is also able to provide general partners with experience and expertise to improve their business. The partnership assets are typically pre-specified or Farragut retains discretion over certain investment decisions. In these transactions, Farragut shares in the economics of the general partner entity and requires adequate protections for its interest.
Asset Finance – Rail, Air and Maritime
The principals of Farragut have extensive experience in transportation assets including rail, air and maritime transactions. The Firm specializes in purchasing secondary market transactions from operating lessors, banks and other financial institutions. Farragut will invest equity in asset-based finance transactions with leases to creditworthy lessees.
MEET OUR TEAM
J. Patrick Corsiglia, Jr.
Prior to founding Farragut in 1990, Mr. Corsiglia was a Vice President at The Deerpath Group, Inc., a privately held investment banking firm. While with Deerpath, he assisted clients with their investments in over $2 billion of sale/leaseback and partnership financings of power production facilities, real estate, aircraft and satellite transponders. Prior to joining Deerpath in 1984, Mr. Corsiglia was an investment-banking associate at Warburg Paribas Becker, where he assisted clients in closing over $700 million in utility related financings. Mr. Corsiglia earned a BA degree in Economics from Harvard University in 1981.
Mr. Fragapane joined Farragut in February 2003 from Dana Credit Corporation where he worked in the Capital Markets Group both in the US as Vice President and in London as Director of the International Capital Markets. While with Dana, he originated, negotiated, structured and documented the completion of transactions valued at over $2.7 billion. These transactions included Leverage Leases, Partnerships and Stock Sales in the US and United Kingdom. After Dana decided to exit the finance business, Mr. Fragapane became responsible for several facets of the company’s divestiture, including marketing and negotiating the sale of a number of investments. Mr. Fragapane also worked for Courtland Partners, Ltd. from July 2016 to November 2017 where he advised institutional investors on commercial real estate investment. Mr. Fragapane earned a BA degree in Business Administration with a Finance Major from the University of Toledo in 1994, and a MBA from Bowling Green State University in 1999. He also served in the US Marine Corps Reserve.
Michael J. Greenfield
Mr. Greenfield joined Farragut March 2002 to assist in the management of the Firm’s investments in mezzanine debt, equity and equipment leasing. Previously, Mr. Greenfield served as the Chief Financial Officer of Retail Investment Concepts, Inc. (RIC), the exclusive licensee of Office Depot, Inc. for Central and Eastern Europe. Mr. Greenfield’s responsibilities included financing, M&A and developing systems and infrastructure. During his tenure, RIC grew from a start-up to a $100 million company. Prior to joining RIC in 1994, Mr. Greenfield was a manager with The Deerpath Group, Inc., where he was responsible for securing financing for the firm’s investment program; previously, he worked in both the audit and consulting divisions of Arthur Andersen & Co. Mr. Greenfield received a B.A. degree in Finance from the University of Illinois in 1981 and an M.S. degree in Management from Purdue University in 1983.
Robert J. Ruggles, Architect, NCARB
Mr. Ruggles joined Farragut in 2014 after working with the firm for several years. He is an architect with 27 years of experience in a wide range of commercial and residential project types. Mr. Ruggles was Director – Architecture and Interior Design for Kohler Company 2008 to 2011, Kohler, WI and projects included: The American Club Hotel Remodeling – Kohler, WI; The Old Course Hotel Lobby and Guest Room Remodeling, St. Andrew’s, Scotland; Cucina Restaurant Remodeling, Kohler Waters Spa Wet Treatment Rooms Remodeling; Mosel Hunt Club and Hamilton Grand – St. Andrews, Scotland. He worked at Perkins & Will, Chicago from 1987 to 1990 and notable projects included: 100 N Riverside, Chicago (Boeing Headquarters); Design Team Leader – O’hare International Terminal 5; TWA terminal expansion at JFK International -New York; Perry Local Schools – Perry Ohio; University of Miami Coral Gables Master Plan and University of Um-Al-Quar – Saudi Arabia Master Plan Men’s and Women’s campuses. Mr. Ruggles graduated from University of Wisconsin-Milwaukee School of Architecture and Urban Planning with a Bachelor’s degree in 1984 and earned his Masters of Architecture in 1987.
Irene Cohen joined Farragut Investments in October of 2016. She is responsible for financial statement preparation for Farragut-managed entities as well daily accounting transactions. She has over 20 years of experience in both tax preparation and financial statement analysis and preparation. She worked for a mid-size accounting firm for almost 6 years working on audit and tax. Then she worked for 5 years for ORIX Real Estate, a wholly owned subsidiary of ORIX a publicly traded Japanese company. ORIX Real Estate is a commercial management and development company where she was an accounting manager. She has most recently been working with her own small clients which range from an independent restaurant chain to a software development firm. She graduated from University of Illinois with a BS in Accounting in 1991 and upon graduation passed the CPA exam in the state of Illinois.
Mr. Corsiglia joined Farragut in July 2022 to assist with the Firm’s engineering, construction cost estimation, and development management. Prior to joining Farragut, he spent over 5 years working in the manufacturing industry and over 3 years with multiple robotic integrators in the Chicago, Illinois and Holland, Michigan area. Mr. Corsiglia has experience in multiple facets of the automated equipment industry, including leading mechanical design projects, developing concepts for over 30 new custom automation machines, cost estimating for projects up to $14 million in value, and working in customer-facing business development roles preparing and presenting proposals for automated machinery. In total, he has developed machine concepts and proposals for over $50 million of equipment and has led or assisted in business development activities generating over $8 million in combined revenue. Mr. Corsiglia earned a BS degree in Mechanical Engineering from Northwestern University in 2019.
222 E Wisconsin Avenue, Suite 200
Lake Forest, Illinois 60045