ASREF | The American South Real Estate Fund

“The South Dallas project aligns perfectly with the company’s focus and partnership with American South Real Estate Fund because it will bring “lasting change,” to an area in need of economic development”

– Emmitt Smith
(Chairman – E Smith Communities)

“The workforce and affordable housing that has been constructed, coupled with the future community services to be provided, are directly aligned with ASREF’s mission to positively impact the communities in which we invest.”

– Deborah La Franchi
(ASREF Managing Partner)

About ASREF

The American South Real Estate Fund (the “Fund” or “ASREF”) provides mezzanine debt, preferred equity, and equity financing for real estate projects located in emerging low- and moderate-income neighborhoods in ten southern states.

ASREF is an impact fund having a Triple Bottom Line (“TBL”) investment strategy:

First Bottom Line:

Target risk-adjusted market rates of return

Second Bottom Line:

Catalyze economic and community development that benefits, revitalizes, and stabilizes emerging low- and moderate-income communities

Third Bottom Line:

Invest in projects with a range of environmentally-sustainable attributes

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Fund Capital

ASREF’s principal purpose is to provide funding in the types of general projects meeting the criteria listed below:

GEOGRAPHY	AL, AR, FL, GA, LA, MS, NC, SC, TN and TX
PRODUCT TYPE	Diversified across product type: Multi-family, mixed-use, industrial, office, retail, hospitality, educational, medical and other.
TARGET PROJECT SIZE	$8M - $100M (Total Project Cost)
TARGET INVESTMENT SIZE	$2M to $15M, subject to certain investment restrictions
INVESTMENT STRUCTURE	Mezzanine debt, preferred equity or joint venture equity. ASREF is primarily a preferred equity/mezzanine fund but the available capital and financing can be structured to meet the needs of the sponsor. Returns are commensurate with the level of risk.
TARGET INVESTMENT PERIOD	2-4 Years
COMMUNITY REINVESTMENT ACT (“CRA”)	All investments are intended to achieve community and economic development impacts. The Fund seeks projects that could receive positive CRA consideration (in emerging low- to moderate-income census tracts or projects that benefit low- or moderate-income persons).

For inquiries about ASREF and the types of projects it supports, please contact ASREF’s lead originator: Tyler Epps (770) 575-9942

Email Tyler

Manager

American South Fund Management, LLC (“ASFM“) is a joint venture between Strategic Development Solutions (“SDS”) and Vintage Realty Company (“Vintage”). ASREF couples SDS’ impact-fund investment platform with Vintage’s hands-on real estate development expertise, as follows:

Strategic Development Solutions (SDS)

SDS was founded in 2001 by Deborah La Franchi. SDS specializes in structuring and managing impact funds. These funds seek risk-adjusted market rates of return (the First Bottom Line), while also targeting positive economic and community development impacts (the Second Bottom Line) and environmental sustainability (the Third Bottom Line). SDS has over $1 billion of current and past impact assets under management, which includes its own portfolio of impact investments ($580 million) and those of third-party impact funds ($494 million) using SDS’ investment platform. SDS was recently named to Impact Assets 50, a select group of fund managers in the impact investing space.

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Vintage Realty Company (Vintage)

Vintage is a 150-person, full-service commercial real estate firm headquartered in Shreveport, Louisiana, with a regional presence in Louisiana, Arkansas, Texas and Mississippi. Vintage’s team manages the Fund’s originations, secures and structures all equity and debt, manages the construction process, and manages the assets. Vintage also has full-scale real estate brokerage and property management divisions. Vintage utilizes a comprehensive, integrated management approach that provides the opportunity to maximize value for its portfolio – as well as for its clients’ properties – throughout the asset lifecycle. Vintage has served as the developer for 3,811 multi-family units, with 2,914 units under its current management, and an additional 760 units currently under construction or in the development phase. Upon delivery of these new units, the Vintage portfolio will represent a market value of approximately $500 million. The integrity and vision of the founders has yielded the loyalty of employees, clients and investors. Vintage has been actively developing, managing and brokering real estate projects throughout the South since its inception in 1988.

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Our Team

Deborah LaFranchi

Ms. LaFranchi oversees operations and provides strategic direction for the Fund, particularly on the fundraising, originations strategy and investment review. ...

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Deborah LaFranchi

Ms. LaFranchi oversees operations and provides strategic direction for the Fund, particularly on the fundraising, originations strategy and investment review. Ms. LaFranchi sits on the Investment Committee. Ms. LaFranchi is founder/CEO of SDS (2001) SDS is a leader in Double/Triple Bottom Line (“DBL/TBL”) funds that seek market rates of return by investing in emerging communities in need of economic and community development. SDS was recently named, for the second consecutive year, as an ImpactAssets 50 manager – a top 50 impact manager in the US. Ms. La Franchi has built SDS into a firm with more than $1 billion of impact assets under management: National New Markets Fund ($477M); the Develop Michigan Real Estate Fund ($60M); the American South Real Estate Fund ($53M); and, providing asset management and finance services to more than $494M of third-party funds. She co-authored the DBL Handbook (Ford Foundation sponsor) and regularly speaks at investment conferences. As Mayor Riordan’s Asst. Deputy Mayor for Economic Development (Los Angeles, CA), she spearheaded the launch and became inaugural CEO of Genesis LA, which launched the Genesis Family of Funds (1999-2001). Ms. La Franchi has a BA in Political Science and History, in addition to an MBA from UCLA, an MPP from Georgetown and has a Series 65.

David Alexander

Mr. Alexander oversees operations and provides strategic direction for the Fund, particularly on the investment side. Mr. Alexander sits on...

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David Alexander

Mr. Alexander oversees operations and provides strategic direction for the Fund, particularly on the investment side. Mr. Alexander sits on the Investment Committee. Mr. Alexander is co-founder/Managing Partner of Vintage Realty Company; he co-founded the firm in 1988. He has more than 37 years of experience in commercial real estate and has directly structured equity and debt for more than $80M and $300M, respectively, for Vintage’s portfolio that has a current market value of approximately $550M. He has directed the growth of Vintage from a six -person management firm to more than 150 employees today, with expansive property management, investment and development divisions. He has led the development of numerous multifamily projects totaling 3,800 units throughout Louisiana and Arkansas, with another 1,050 units either under construction or in the development phase. Mr. Alexander is also co-developer of Provenance, a 377-acre Traditional Neighborhood Development (TND), as well as an 88-acre infill development with the Northwest Louisiana Community Development Fund I, which is Northwest Louisiana’s only Double Bottom Line Fund (“DBL”). Mr. Alexander is a member of the Shreveport and Bossier Chambers of Commerce, past Director of the Downtown Shreveport Development Corporation, and past Chairman of Shreveport’s Downtown Development Authority. Mr. Alexander graduated from Louisiana State University with a BS in Business Administration.

Kip Hamilton

Mr. Hamilton oversees the day-to-day operations of the Fund and leads the investment and asset management teams. Mr. Hamilton sits...

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Kip Hamilton

Mr. Hamilton oversees the day-to-day operations of the Fund and leads the investment and asset management teams. Mr. Hamilton sits on the Investment Committee. With over 20 years of experience in commercial real estate investment and development, Mr. Hamilton is responsible for the structuring, launch and management of SDS’ real estate funds. Prior to joining ASREF Mr. Hamilton was an industrial developer with Seventh Street Development, where he was responsible for acquisitions, financing, entitlements, leasing and asset management. Prior to Seventh Street, Mr. Hamilton served as Vice President with Shamrock Capital Advisors, where he helped manage the $85 million Genesis L.A. Real Estate Fund and the $104 million Genesis Real Estate Fund II. The Genesis L.A. Real Estate Fund was one of the first DBL private equity funds in the United States. The Genesis Funds provided equity and mezzanine debt for developers working in low- and moderate-income neighborhoods in Southern California. Mr. Hamilton is a graduate of Columbia University where he majored in Economics and Japanese.

Kent Peters

Mr. Peters serves as the day-to-day in-house point person at Vintage for ASREF and is responsible for piloting originations, due...

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Kent Peters

Mr. Peters serves as the day-to-day in-house point person at Vintage for ASREF and is responsible for piloting originations, due diligence, underwriting, structuring, transaction negotiations and closings for Fund investments. Mr. Peters brings over 22 years of real estate investment banking, capital markets, and structured finance experience to the role. Prior to joining ASREF, Mr. Peters was a principal at a boutique real estate firm and a Senior Vice President at CBRE with responsibilities for the evaluation, due diligence, underwriting, structuring, negotiation and closing of debt and equity placements on complex institutional assets across all product types including office, retail, mixed-use, multi-family, hotel, industrial, and corporate sale-leaseback. Mr. Peters has been involved in over $8 Billion in acquisition, disposition, and debt/equity capital market transactions on behalf of real estate investment trusts (“REITs”), institutions, equity funds, private capital, and developers primarily in the Southeast and Southwestern United States. Mr. Peters earned undergraduate and graduate degrees from Texas A&M University with a Masters of Real Estate in Land Economics and Real Estate.

Tyler Epps

Mr. Epps, who works out of the Fund’s Atlanta office, leads ASREF’s originations and also assists in underwriting and asset...

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Tyler Epps

Mr. Epps, who works out of the Fund’s Atlanta office, leads ASREF’s originations and also assists in underwriting and asset management. Mr. Epps is responsible for the origination of middle market mezzanine debt and preferred equity investments on commercial real estate across all product types. Prior to joining ASREF, Mr. Epps spent three years at Rialto Capital and two years at Trimont Real Estate Advisors, overseeing more than $1B of commercial real estate across the United States in various investment funds. His responsibilities included the underwriting and asset management of all product types including hotels, retail, multi-family, industrial, and office properties. During his time at Rialto Capital, Mr. Epps also underwrote more than $3.5B of commercial real estate across all product types, from senior loans to direct equity investments. Mr. Epps earned an undergraduate degree from Georgia State University and a Masters of Business Administration from Georgia Tech.

James DeLisle

James DeLisle is a Vice President with SDS Group; he has been with the firm since 2019. Prior to joining...

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James DeLisle

James DeLisle is a Vice President with SDS Group; he has been with the firm since 2019. Prior to joining SDS, Mr. DeLisle spent 5 years at development firms on the West Coast including Mack Urban and Integra Property Group. He has led asset and major development teams across the nation with full accountability for over $2.5B in assets. Prior to his development experience, Mr. DeLisle worked as a consultant where he provided portfolio and asset management strategies for clients such as Samis Land Company, CBRE Global Investors and Microsoft. Mr. DeLisle is a graduate of the University of Washington where he received a Master’s in Real Estate, a Master’s Certificate in Global Trade, Transportation and Logistics and a Bachelor’s in Business Administration. During his studies he was also a member of the UW Lacrosse team. He also holds a Master’s Certificate in Construction Management from the University of California, Los Angeles. Mr. DeLisle leads the day-to-day asset management activities for the Fund.

Kendall Demouchet

Mr. Demouchet is an Associate with Vintage and provides underwriting and origination support. His education and training include economic research...

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Kendall Demouchet

Mr. Demouchet is an Associate with Vintage and provides underwriting and origination support. His education and training include economic research and financial markets. A Lafayette, LA native, Kendall is a graduate of Centenary College of Louisiana, finishing with a Bachelor of Arts in Economics with a minor in Business Administration. During his time there, Kendall participated in a wide array of activities such as being a member of the Centenary Gents Basketball team and being invited to speak at the Federal Reserve Bank of Dallas. Kendall is a licensed Louisiana commercial real estate agent.

Jimmy Backofen

Mr. Backofen participates in the investment and asset management activities of the Fund and sits on the Investment Committee. Mr....

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Jimmy Backofen

Mr. Backofen participates in the investment and asset management activities of the Fund and sits on the Investment Committee. Mr. Backofen, who has been with Vintage since 1994, has been instrumental in the company’s growth from less than 20 to the more than 150 employees. He is responsible for all finance and accounting activities, overseeing cash management, cost accounting, financial reporting and employee payroll/benefits. Mr. Backofen is the Director of Asset/Property Management for the $328M Vintage-owned multi-family, office and retail portfolio, as well as Vintage’s third-party client assets. He assisted on two acquisitions and one development for the Northwest Louisiana Community Development Fund I, a DBL fund, and currently oversees the asset/property management services. He is heavily involved with all Vintage acquisitions and developments, assisting in operating agreement ownership structure designs/modifications, proforma underwriting and construction/permanent financing. He has provided financial and operational oversight on 11 ground-up developments consisting of 2,539 multi-family units, with a total construction value in excess of $250M. Mr. Backofen has a BS in Finance from Louisiana Tech University as well as a BS in Accounting from Louisiana State University Shreveport.

Laura Baron

Ms. Baron oversees the Fund’s financial management and sits on the Investment Committee. Ms. Baron is engaged in all aspects...

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Laura Baron

Ms. Baron oversees the Fund’s financial management and sits on the Investment Committee. Ms. Baron is engaged in all aspects of the SDS financial management process, including software applications, project analysis, capital deployment, and ensuring strict guidelines are followed for regulatory alignment and investor transparency. She developed the proprietary operational infrastructure that effectively manages SDS sponsored funds and SDS NMTC Advantage Services, which manages $396M for third-party fund clients. She currently manages assets in excess of $600M across the nation, actively monitoring the construction progress, financial performance and overall business health for each project under management. Prior to joining SDS, Ms. Baron spent 12 years in upper management roles and was involved in several funds with sizeable investment pipelines. As Director of Operations at Wilshire Associates, Ms. Baron built and managed the trading and compliance infrastructure for a $500M leveraged hedge fund. Ms. Baron earned a BA in economics from UCLA in addition to a MBA from the University of Southern California.

Steve MacDonald

Mr. MacDonald participates in sourcing potential investments for ASREF. With over 25 years of diverse economic development experience, he has...

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Steve MacDonald

Mr. MacDonald participates in sourcing potential investments for ASREF. With over 25 years of diverse economic development experience, he has built and maintains a strong network of economic development, business, nonprofit, government, real estate, and entertainment-industry professionals across the United States. He oversees operations for the $477M National New Markets Fund.. Under his direction, SDS has successfully underwritten and deployed NNMF allocations representing over $592M in market value. He was past President of FilmLA, the largest privately-held entertainment-industry economic development corporation in the world. He restructured the financially/operationally-challenged agency that was emerging from public scandal, introducing organizational restructure, operational reforms, financial controls and new services, which resulted in revenue growth, positive net income and overall stabilization of the organization. Mr. MacDonald earned a BS in Marketing from San Diego State University and a MBA from Pepperdine University.

Belden Daniels

Mr. Daniels is the founder and CEO of Economic Innovation International, Inc., a Senior Advisor to American South Fund Management....

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Belden Daniels

Mr. Daniels is the founder and CEO of Economic Innovation International, Inc., a Senior Advisor to American South Fund Management. A successful global development finance firm, Economic Innovation is internationally recognized for creating more than 125 private equity and debt funds in 43 states and 21 nations in North America, Europe, Asia, Africa and Latin America, today capitalized at more than $100 billion. Economic Innovation has helped design and structure 25 Funds in the ten-state Fund footprint, with investment capital today totaling $13.37 billion. These funds are all designed to accomplish civic and public purposes in this country and overseas. These Funds generate measurable Economic Impacts that produce: [1] superior, risk-adjusted market rates of return for large institutional investors and high net worth individuals and families (the First Bottom Line); [2] wealth creation opportunities and high quality jobs for low-income communities, as well as an increased tax base for these communities (the Second Bottom Line); and [3] smart-growth, green enterprise in mixed-use and mixed-income projects that pull development back into the urban core (the Third Bottom Line). Over the last 45 years, Mr. Daniels has built Triple Bottom Line Impact Funds, or made National New Markets Fund investments in every state of the American South. Since 1997, Economic Innovation, in partnership with Deborah La Franchi of Strategic Development Solutions, has collectively built Double and Triple Bottom Line Private Equity Funds that today, including follow-on funds, are capitalized at more than $2 billion. These funds serve as models for the American South Real Estate Fund. Economic Innovation and SDS also jointly manage the $477M National New Markets Fund, a New Markets Tax Credit Fund of which six investments have won national awards as outstanding and high-impact developments. Mr. Daniels also helped launch the $60M Develop Michigan Real Estate Fund I. Mr. Daniels is an attorney and former international banker in Asia who taught Development Finance at Harvard and MIT for many years. Mr. Daniels has a BA from Dartmouth College and a JD from Harvard Law School.

Justin Sevier

Mr. Sevier participates in investment and asset management activities of the Fund and sits on the Investment Committee. Mr. Sevier...

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Justin Sevier

Mr. Sevier participates in investment and asset management activities of the Fund and sits on the Investment Committee. Mr. Sevier formed Vintage Homes along with David Alexander in 2006 to provide detailed construction work and community development in the south. As Managing Partner of Vintage Homes, Justin manages all projects including new homes, luxury developments, commercial construction, and workforce housing communities. Before coming to Vintage, he worked for two and a half years in Baton Rouge for Louisiana’s largest homebuilder, PCC Homes, where he served as Project Supervisor on three of South Louisiana’s most successful subdivisions. All three subdivisions were located in Livingston Parish and ranged in size from 130 to 220 individual lots. PCC Homes was acquired by D.R Horton out of Fort Worth, TX in March of 2006, and Justin chose to pursue his goals with the Vintage family in May. Justin graduated Magna Cum Laude from LSU in the fall of 2003 with a degree in Construction Management and a minor in Business Administration. In 2011, Justin Sevier was named to the Top 40 under 40 by Professional Builder Magazine – a national award. In 2012, the Shreveport–Bossier Chamber of Commerce and The Forum Magazine named him Top 40 under 40 in Shreveport for his community and business contributions. In 2019, Vintage Homes won a Louisiana Remodeler's Excellence Award for a large scale renovation in a historical Shreveport neighborhood and were also honored by the National Home Builders Association with a Best in American Living GOLD award for their planning and development of Provenance Community.