
AMERICAN SOUTH REAL ESTATE FUND
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:
Second Bottom Line:
Third Bottom Line:
Manager
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.
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.
Our Team

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


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


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


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...
Kent Peters


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


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


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


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


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


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


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

News
- Investments
- Press

FRIEDRICH LOFTS – SAN ANTONIO, TX
FRIEDRICH LOFTS – SAN ANTONIO, TX
SAN ANTONIO HOUSING DEVELOPMENT SECURES EQUITY FINANCING FROM AMERICAN SOUTH REAL ESTATE FUND TO CLOSE FIRST PHASE OF FRIEDRICH LOFT DEVELOPMENT
San Antonio, TX – The American South Real Estate Fund (ASREF) has provided $10.6 Million as an equity partner in a public-private-partnership with Provident Realty Advisors, a Dallas-based real estate development firm, and the San Antonio Housing Trust-Public Facility Corporation (SAHT) to transform the long-shuttered Friedrich Air Conditioning Plant in San Antonio’s East Commerce area. The $68 million Friedrich Lofts development will increase the amount of affordable housing in San Antonio’s Eastside, an area where it is critically needed.
Situated on six-acres less than two miles from downtown San Antonio, the former air conditioning plant ceased operations in 1990. For thirty-years it has been a source of blight for the neighborhood. More than 600 jobs were lost due to the shutdown, which has also to the 35.89% poverty rate in the community. The new Friedrich Lofts development at 1617 E. Commerce St. will transform the dilapidated and environmentally challenged site into much-needed affordable housing for the Eastside community. A 75-year ground lease with the San Antonio Housing Trust ensures that half, or 174 of the multifamily units will be designated for low- or moderate-income families making less than 80% and 60% of area median income (AMI).

CHATHAM MILL – WINSTON-SALEM, NC
CHATHAM MILL – WINSTON-SALEM, NC
ASREF PROVIDES FINANCING FOR PHASE II OF THE HISTORIC REDEVELOPMENT OF CHATHAM MILL
Winston-Salem, NC – The American South Real Estate Fund has provided a $1 million mezzanine loan to finance the next phase of the historic redevelopment of Chatham Mill. Phase I of this project, which was completed in 2016, included the historic restoration of the majority of the original mill structure, which created 170 workforce and affordable apartment units and environmental remediation of the contaminated site. ASREF is financing the next phase of the project, which includes the renovation of two 7,800 square foot industrial buildings that will become the new home of Two Cities Church. A third phase is anticipated to create an additional 40 multi-family units.

LANCASTER ROAD – DALLAS, TX
LANCASTER ROAD – DALLAS, TX
ASREF PROVIDES FINANCING TO ACQUIRE AND REDEVELOP A LONG-DORMANT FORMER COMMUNITY HUB
South Dallas, TX – The American South Real Estate Fund has provided a $1.75 million to E Smith Communities to finance the acquisition and renovation of a long-dormant former community hub in South Dallas’ Lancaster Corridor. The 30,000 square-foot, 2.9-acre building has been vacant for nearly 3 years and is located in a low-income census tract with over 39% poverty. The project, which is near the VA Medical Center, will add much-needed office space to the area and connects downtown Dallas to the growing International Inland Port of Dallas. The project has already garnered strong interest from potential anchor tenants that are on track to create more than 200 permanent, full-time jobs for the area’s mostly low- and moderate-income job seekers. Many of the prospective tenants also plan to bring needed services to the community.

ST. JAMES HOTEL – SELMA, AL
ST. JAMES HOTEL – SELMA, AL
ASREF PROVIDES FINANCING TO ACQUIRE AND REDEVELOP HISTORIC ST. JAMES HOTEL
Selma, AL – The American South Real Estate Fund has provided $3.4 million to Rhaglan Hospitality to finance the acquisition and redevelopment of a shuttered historic hotel. The St. James Hotel is situated along the Alabama River near the landmark Edmund Pettus Bridge — site of the 1965 Civil Rights march that became known as Bloody Sunday. Built in 1837, it is the only surviving riverfront antebellum hotel in the Southeast. The St. James will be one of only nine hotels in the Southeast to be part of the coveted Tapestry Collection by Hilton brand. Reopening the St. James Hotel is a top priority for the Selma Redevelopment Authority, the Mayor and City Council, as the property is viewed as a cornerstone of downtown redevelopment. Upon completion, it is projected to bring more than 40 new jobs to an area with 31.7% unemployment and nearly 54% poverty.
NOVOGRADAC Journal Of Tax Credits Nov. 2020

NOVOGRADAC Journal of Tax Credits Nov. 2020
Friedrich Lofts San Antonio, TX

Friedrich Lofts San Antonio, TX
Article: San Antonio Express-News
Article: San Antonio Biz Journal
Article: CoStar
St. James Hotel, AL

Lancaster Road, TX
