“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)

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:

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

Fund Capital


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

GEOGRAPHYAL, AR, FL, GA, LA, MS, NC, SC, TN and TX
PRODUCT TYPEDiversified 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 STRUCTUREMezzanine 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 PERIOD2-4 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

Manager


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

SDS Capital Group (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. For the fourth year in a row, SDS was 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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IMPACT METRICS


Minority Sponsors

%

Average Poverty Rate of Communities Invested In

%

Average Minority Population

%

Average African American Population

# Low-Income Affordable Housing Units (84% of Total Units)

SDS Capital Group is proud to have received the Impact Assets 50 designation for the fourth year in a row! This prestigious designation is given to the Top 50 impact managers in the U.S.

Our Team


Deborah La Franchi

Ms. Deborah La Franchi oversees operations and provides strategic direction for the Fund, particularly on the fundraising, originations strategy and...

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Deborah La Franchi

Ms. Deborah La Franchi oversees operations and provides strategic direction for the Fund, particularly on the fundraising, originations strategy and investment review. Ms. La Franchi sits on the Investment Committee. Ms. La Franchi is founder & CEO of SDS Capital Group (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 Capital Group 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 38 years of experience in commercial real estate and has directly structured equity and debt for more than $100M and $400M, respectively, for Vintage’s portfolio that has a current market value of approximately $600M. He has directed the growth of Vintage from a six -person management firm to more than 180 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.

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.

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.

Sarah Parsons

Ms. Parsons joined Vintage Realty Company in February 2014 as a Property Manager in Multi-Family, managing a 208-unit apartment community....

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Sarah Parsons

Ms. Parsons joined Vintage Realty Company in February 2014 as a Property Manager in Multi-Family, managing a 208-unit apartment community. In October 2015, she joined the Commercial Property Management team as a Commercial Property Manager managing downtown and suburban office buildings as well as medical office buildings in North Louisiana. In 2019, she returned to the Multi-Family Department as Operations Manager. In 2021, she joined the ASREF II Investment Committee. Prior to joining Vintage Realty, Sarah spent 20 years in the hotel/casino business. As a Director of Hotel Operations for several years, she managed areas such as the Front Desk, Housekeeping, and Engineering in addition to many others. Throughout those years she managed hotels anywhere from 300-1,000 rooms. It was through this that she acquired a wealth of knowledge in hospitality and managing the needs of large buildings. During her time in Shreveport, she has served on the board for the Hotel/Motel Association as well as the Convention and Tourism Bureau.

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.

Asteria Steinberger

Ms. Steinberger sits on the ASREF II Investment Committee. Ms. Steinberger’s experience in real estate centers on underwriting, asset management,...

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Asteria Steinberger

Ms. Steinberger sits on the ASREF II Investment Committee. Ms. Steinberger’s experience in real estate centers on underwriting, asset management, and continued compliance with legal and regulatory requirements. She manages all asset management for SDS’s National New Markets Fund. She is tapped for the ASREF II Investment Committee given her deep real estate and investment experience. Prior to joining SDS in 2015, Ms. Steinberger was a Senior Investment Associate and Portfolio Manager at Breakwater Investment Management, LLC, a private investment firm that provides growth capital to small businesses. She previously worked as an Investment Banking Summer Associate at Credit Suisse. Ms. Steinberger started her career at KPMG LLP’s Economic & Valuation Services and Deloitte Tax LLP’s Property Tax Services. Ms. Steinberger graduated magna cum laude from Whittier College and earned an MBA from The Wharton School at the University of Pennsylvania. She is a recipient of the Joseph Wharton Fellowship for students with an outstanding record of academic, personal and professional achievements.

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 a Senior Associate with Vintage and provides underwriting and origination support. His education and training include economic...

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Kendall Demouchet

Mr. Demouchet is a Senior 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.

Austin Ross

Mr. Ross is responsible for underwriting, origination and asset management support on behalf of ASREF. Prior to joining Vintage Realty...

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Austin Ross

Mr. Ross is responsible for underwriting, origination and asset management support on behalf of ASREF. Prior to joining Vintage Realty Company, Austin was a Capital Markets analyst at Jones Lang LaSalle (previously Holliday Fenoglio Fowler) in Dallas, TX. While there he was responsible for the underwriting, investment sales pitch/marketing material prep and due diligence/closing process coordination of institutional commercial property transactions throughout the country. Austin has underwritten over $3.4 billion and assisted in the closing of more than $630 million of commercial real estate assets across multiple property types. Prior to JLL, Austin played professional baseball for the Milwaukee Brewers, Cincinnati Reds and Arizona Diamondbacks. Austin graduated from Louisiana State University with a Bachelor of Science in Petroleum Engineering. While there Austin was a member of the 2009 National Champion LSU baseball team.

News


ASREF II ANNOUNCES FIRST INVESTMENT – IN HOUSTON

ASREF II ANNOUNCES FIRST INVESTMENT – IN HOUSTON

8.2021 Press Release

NOVOGRADAC Journal Of Tax Credits Nov. 2020

NOVOGRADAC Journal of Tax Credits Nov. 2020

Article: NOVOGRADAC Journal of Tax Credits November 2020

Friedrich Lofts San Antonio, TX

Friedrich Lofts San Antonio, TX

Article: San Antonio Express-News

Article: San Antonio Biz Journal

Article: CoStar

 

LIFE AT STERLING WOODS – HOUSTON, TX

LIFE AT STERLING WOODS – HOUSTON, TX

ASREF II ANNOUNCES FIRST INVESTMENT – IN HOUSTON

Houston, TX – August 4, 2021 – Funding has been secured to acquire and begin the improvement of The Life at Sterling Woods (formerly known as Villas on Winkler) complex into a 234-unit senior/ affordable multifamily apartment community in Houston, Texas. The project is being rehabilitated by Olive Tree Holdings and will be managed by their affiliate property management and construction management company, The Life Properties, which oversees the day-to-day operation and business plan execution exclusively for Olive Tree Holdings’ multifamily portfolio. The Life at Sterling Woods is Olive Tree Holdings’ 34th multifamily acquisition and the 13th in the Houston market.

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.

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