First Florida Securities, Inc. was founded in 1987 with our principal office located in Naples, Florida. Our primary mission is to provide our clients with the requisite knowledge and opportunities to help achieve their investment goals. Much of the client business undertaken by First Florida is done on a personal basis with emphasis on long term relationships.
A significant portion of the success that First Florida has enjoyed has come from our ability to secure private placements in the range of one to twenty-five million dollars. These placements have been used to form the foundation for commercial and residential real estate development projects throughout Florida with concentration specifically in Southwest Florida. Able to structure and consummate a wide variety of business arrangements, First Florida has played an integral role in the financial development and construction of motels, condominiums, residential housing projects and other properties.
Complementing our private placement capabilities is our access to offerings in various alternative investment categories. These offerings stem primarily from First Florida Securities relationships in the region with development companies, fund managers and private and institutional investors.
Beginning in 2008, First Florida Securities also assumed the role of Lead Underwriter and a distributor for the twenty-seven million dollar TerraCap Partners I Fund, a distressed situation commercial real estate fund. TerraCap Partners I Fund was based on acquiring mostly Florida properties in areas of sustained growth and limited future supply at low purchase prices that were below replacement costs. TerraCap Partners I, which was oversubscribed and closed in 2012, posted average returns of 36%.
In 2011, the TerraCap Partners II Fund targeted at $200 million was launched. The fund, which targets a 20%-plus return, focuses on the acquisition of apartment, office, light-industrial, retail, hotel and mixed-use properties in Florida and the Sun Belt. For TerraCap Partners II, First Florida Securities has assumed a role of distributor and best efforts underwriter.