- 1Lexington Estates will buy, sell, rehab and hold properties, residential and commercial.
- 2Two of Lexington's roughly 50 sales reps will move over, plus new hires.
- 3First Long Island deal is closing; national expansion is planned within 12 months.
Lexington Capital Holdings is expanding beyond small business lending into real estate. The Long Island-based financial marketplace and brokerage, led by CEO Frankie DiAntonio, has created Lexington Estates to buy, sell, rehab and hold properties for the long term. The company plans to formally launch the unit on October 12.
Why real estate
DiAntonio said real estate deals have long been part of Lexington's broker product mix. When the company weighed whether to lend against property or become the buyer and builder itself, it concluded the second route would have more impact. A syndication fund for the real estate deals will be open to Lexington employees.
Lexington's existing operation has about 50 sales reps. Two will move to the real estate side, joining a number of new hires being brought on to run the plan. DiAntonio, who has done real estate deals personally outside the business, is now making it a corporate effort.
Scope and timeline
Lexington Estates is closing on its first property on Long Island. It will concentrate locally at first but plans to pursue residential and commercial deals across the United States within 12 months. The company says it will look at retail, office, industrial and other property types and judge each on its potential profit.
"I'm looking for deals," DiAntonio said. "I'm looking for what's the best bang for our buck."
DiAntonio described the move as a necessity given the rising cost of living for younger people. He also credited his team: "Business is a team sport," he said, adding that he could not have done any of it without the Lexington staff behind him.
Source reporting: deBanked.
