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Housing Recovery Fund of America announces formation and board of directors

NationalMortgageProfessional.com
Aug 26, 2010

The Housing Recovery Fund of America has announced its formation to establish a real estate investment fund that invests in single and multifamily residential real estate across the United States and to acquire for “all cash,” with no mortgage debt, residential real estate to maximize rental income and resale profit potential. The Fund will target undervalued and/or financially distressed single-family and multi-family properties, at or below replacement cost, through short sales, bank-owned (REO) real estate in prime locations in the Southeast and Southwest USA. The Fund’s manager is Alexander-Borden Manager LLC, which is owned by principals of Avalon Investment & Securities Group Inc. and Alexander Properties Group Inc., the principals of which have an accumulated and combined experience in excess of 150 years of real estate investment, acquisition, development, construction and property management. The principals of the manager are Das A. Borden, Andrew C. Alexander, Maurice Mitchell, James R. Shields III, and D. M. (Rusty) Moore Jr. Moore will serve as chairman of the board, and Alexander will serve as president. ►Alexander is president of Alexander Properties Group Inc. which he formed in 1988 after more than 10 years as successful real estate broker and developer. Alexander Properties Group is a full-service real estate company specializing in the management, acquisition, and brokerage of single-family and multi-family properties. Andy has been responsible for overseeing many successful real estate transactions totaling more than $500 million over the last 20 years. ►Borden is an experienced real estate broker, real estate developer, syndicator and investment banker. He began his career in 1963 as a single family, custom and tract, home builder. During his career he built several hundred single family homes throughout the Southeast, served as president of the Shoals Area Home Builders and the Home Builders Association of Alabama of which he is a life director, and has acquired, developed and managed 65 apartment complexes totaling over 10,000 apartment units, valued at over $500 million in today’s values, located throughout the Southeast and Southwest. He is also the president and CEO of Avalon Investment and Securities Group Inc. ►Mitchell has 24 years of experience in the real estate industry, including experience in finance, property management accounting, acquisitions, new construction, rehabilitation, securities offerings, appraisals, and asset management. He is president of Carmichael & Mitchell, a commercial real estate appraisal and business valuation firm. Mr. Mitchell formerly served as a state certified General Real Property Appraiser and is a Certified Public Accountant. ►Shields brings more than 22 years of experience in the accounting, finance, real estate and construction industries. He has extensive financial and tax experience and a deep understanding of current IRS rules and regulations, with a particular focus on those impacting real estate and high net worth individuals. Currently, Shields is the principal of Shields & Associates PC, which serves as an independent accounting and business consulting firm, representing start-up ventures, assists in business liquidations, and maintains a focus on real estate and high net worth individual clients. Shields has also served as the chief financial officer for a full-service real estate company that provided development, construction, and management services for multi-family and retail properties. Additionally, he has assisted clients with various non-traditional investments including hedge funds, angle investments and bridge financing. Mr. Shields graduated from Auburn University. He is a CPA and is registered with the Georgia Society of CPAs, the GSCPA Real Estate Practice Section and the American Institute of Certified Public Accountants. ►Moore is a 25-year-plus veteran of the investment and insurance industries. He presently serves as chairman and CEO of Cherry Inc, a family of financial services entities and platforms offering financial tools, investment management and advisory services. An affiliate of Cherry Inc., Cherry Investment Advisors Ltd. also serves as an advisor to the Fund. For more information, visit www.hrfallc.com.     
Published
Aug 26, 2010
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