J. Michael Fried

Founder and CEO

J. Michael Fried is the Founder and CEO of Phoenix Realty Group (PRG) overseeing the firm's new business development, strategic planning and overall company operations. Mr. Fried is the Chairman of the PRG Investment Committee.

Prior to forming Phoenix Realty Group in September, 1999, Mr. Fried was the founder, President and CEO of CharterMac (AMEX:CHC) and Related Capital Company (now CharterMac Capital). During his 20-year tenure at CharterMac, Mr. Fried grew the firm from a two-person real estate finance company into a full-service real estate financial services banking firm with over 125 employees, $3.8 billion in equity raised and over 1,000 properties acquired at costs exceeding $8 billion. Previous to joining CharterMac in 1979, Mr. Fried was an attorney with Proskauer Rose.

Mr. Fried has served on the Board of Directors of the National Multi Housing Council, was the Co-chair of the Affordable Housing Roundtable, and a member of both Freddie Mac's Affordable Housing Advisory Council and the National Association of Home Builders' Multifamily Council.

Mr. Fried holds a BA degree in History from Michigan State University, an MA with Honors in Psychology from Long Island University, and a JD, Magna Cum Laude, from Brooklyn Law School.

Keith B. Rosenthal

Co-Founder and President

Keith B. Rosenthal oversees Phoenix Realty Group’s daily operations, business development opportunities, strategic planning and implementation, and is a member of the PRG Investment Committee.

Prior to joining PRG, Mr. Rosenthal was the founder and President of Lehman Housing Capital, the first tax credit syndication firm on Wall Street. He administered over 20 public and private affordable multi-family housing funds, raised over $1 billion of equity for partnerships with over $2.25 billion in assets, created the tax exempt bond conduit program at Lehman, and formed significant joint ventures with community-based development organizations.

Mr. Rosenthal was also the founder, President and CEO of JER Hudson Housing Capital. He expanded the company into a national tax credit syndicator that invested over $150 million in affordable multi-family housing in its first two years of business.

Mr. Rosenthal has been an adjunct professor at the Real Estate Institute of New York University, a board member of the Affordable Housing Tax Credit Coalition, and a board member of the National Housing and Rehabilitation Association.

Mr. Rosenthal is a Certified Public Accountant in New York State and graduated with highest honors, earning a business degree with dual concentrations in Finance and Accounting, from Northeastern University.

E. Ron Orgel

Co-Founder and Managing Director

E. Ron Orgel manages the tax-credit fund portfolio and is a member of the PRG Investment Committee.

Since co-founding PRG in September, 1999, Mr. Orgel has acquired over $100 million of equity financings for residential properties representing $300 million in real estate, closed $40 million in credit lines for the company and its investment funds, and assisted in the formation and capitalization of all of the company’s investment funds.  In addition, Mr. Orgel oversees the management of funds, asset management of investments, and the daily operations of the company.

Mr. Orgel received a Bachelor of Engineering in Mechanical Engineering from The Cooper Union.

Jay H. Stark

Managing Director, Urban Private Equity Funds, Western Region

Jay Stark manages the firm's Urban Private Equity Funds, Western Region, targeting investments in urban residential and commercial properties. Mr. Stark is responsible for origination, underwriting, due diligence and closing of investments in the region, and he is a member of the national PRG Investment Committee.

Prior to joining PRG, Mr. Stark was director of development for The Lee Group, Inc., a leading urban residential development company where he was involved in the development of over $300 million of urban housing for first-time homebuyers in Southern California.

Mr. Stark serves on the State of California’s principal Affordable Housing Committee, the Department of Housing and Community Development’s (HCD) Local Assistance Loan and Grant Committee, where he oversees more than 20 state-wide affordable housing and infrastructure programs, including the recently approved $2.5 billion Proposition 1C bond measure, which includes funding for transit-based housing, urban infill development and related affordable housing initiatives.

Mr. Stark co-chairs the City of Los Angeles Building Industry Association Government Affairs committee and has also served on the city’s Affordable Housing Trust Fund Committee. He is project developer for the environmental organization TreePeople, overseeing the group’s Platinum-level LEED certified campus redevelopment in Los Angeles, and he is a member of the Leadership Council at the USC Lusk Center for Real Estate.

Ralph S. Raciti

Managing Director, Urban Private Equity Funds, Northeast Region

Ralph Raciti manages the firm's Urban Private Equity Fund, Northeast Region, targeting investments in urban residential and commercial properties. Mr. Raciti is responsible for origination, underwriting, due diligence and closing of investments in the region.

For 10 years prior to joining PRG, Mr. Raciti was a senior executive with Pulte Homes, Inc., most recently serving as the Vice President of Urban Operations and Land Acquisitions for the company's Metro NY/NJ division, where he was involved in the site acquisition and development of over 4 million buildable square feet representing approximately 3,000 units of urban housing and close to $1.0 billion in development.  Pulte Homes, Inc., (NYSE: PHM) is a leading national residential development company.

Prior to that, Mr. Raciti co-led the Engineering and Construction Industry practice of the Deloitte Consulting Group, where he focused on both public and private sector capital program management and project management.

Mr. Raciti earned his Master's of Business Administration from Indiana University and a Bachelors of Engineering Technology from Wayne State University.

Art Jimenez

Senior Vice President, Asset Management

Art Jimenez is responsible for PRG-wide asset management activities.

Mr. Jimenez joined Phoenix Realty Group in 2005. Prior to joining PRG, Mr. Jimenez was a Manager with Kimco Realty Corporation, the largest publicly traded real estate investment trust (REIT) specializing in the acquisition, development, and management of neighborhood shopping centers in North America.

At Kimco, Mr. Jimenez was responsible for the financial management of the merchant builder subsidiary, Kimco Developers, Inc., with a billion-dollar portfolio and the taxable REIT subsidiary, Kimco Realty Services. He oversaw the fiscal management of anchored shopping centers ranging in size from 100,000 to 1,000,000 square feet of retail space. Previously, Mr. Jimenez held senior financial roles with large construction management and contracting firms based in New York.

Mr. Jimenez attended Pace University, graduating with a degree in business administration, and is a member of the C.C.I.M. Institute and a licensed New York State real estate broker.

R. Alex Saunders

Senior Vice President, Acquisition Originations

Alex Saunders is responsible for originations, underwriting and acquisitions in the Los Angeles metropolitan area, Northern California and other areas in the state, targeting investments in urban residential and commercial properties.

Mr. Saunders joined as PRG opened the Western Region in March, 2003.  Prior to joining PRG, from 1996 – 2003 Mr. Saunders held positions of Project Manager at the Lee Group, Director of Financial Analysis at BT Commercial, Appraiser at Cushman & Wakefield, and Financial Analyst at CB Richard Ellis.  During that time, Mr. Saunders participated in the valuation of over $2 billion of commercial and residential real estate, the disposition of over $200 million of commercial real estate, and the development of over $100 million of residential real estate.  His experience spans the United States and includes residential, office, retail, and industrial uses.

Mr. Saunders holds a Master's Degree in Real Estate Development, with a specialization in finance, from the University of Southern California and is a graduate of the University of California, Irvine, with a degree in Urban Economics.

Xavier A. Gutierrez

Senior Vice President, Capital Markets

Xavier Gutierrez is responsible for the creation, capitalization and management of PRG’s real estate private equity funds.

Mr. Gutierrez joined PRG as Vice President of Real Estate Acquisitions in June 2003, and now serves as the company’s primary conduit to institutional investors and the capital markets. Prior to joining PRG, Mr. Gutierrez worked as a Corporate Attorney in the Silicon Valley office of the law firm Latham & Watkins, LLP. While at Latham, Mr. Gutierrez worked primarily with private equity and venture capital funds. In addition, Mr. Gutierrez has worked as a financial analyst in the Public Finance Group of the investment bank Lehman Brothers, Inc., the New York law firm Skadden, Arps, LLP, and in the League Office of the National Football League.

He has served on the Stanford Law School Board of Visitors, and as a Committee Member of the Harvard Alumni Association. Mr. Gutierrez currently serves on the Board of the East Los Angeles Community Corporation (ELACC), on the Advisory Board of the Ross Program in Real Estate at the USC Lusk Center for Real Estate, on the Construction Services Committee for the City of Los Angeles, and is an active member of the Urban Land Institute (ULI).

Mr. Gutierrez received his Juris Doctorate from Stanford Law School, and his Bachelor of Arts in Government with honors from Harvard University.

Tammy Harpster

Senior Vice President, Acquisition Originations

Tammy Harpster is responsible for originations, underwriting and acquisitions in San Diego County, targeting investments in urban residential and commercial properties.

Ms. Harpster joined Phoenix Realty Group in 2005. Prior to joining PRG, Ms. Harpster was Assistant Vice President for Buchanan Street Partners where she closed $300 million and managed over $600 million in commercial assets across four funds. Before Buchanan, she managed $125 million of pharmaceutical, biotech, and microelectronic construction development projects for DPR Construction in both the San Diego and Las Vegas regions.

Ms. Harpster holds a Master's in Business Administration from the Anderson School at UCLA and a Bachelor of Science in Engineering from Purdue University.

Scott Shea

Vice President, Project Acquisitions and Assistant General Counsel

Scott Shea is responsible for coordinating project acquisitions, assisting Asset Management and overseeing fund investor admissions.

Prior to joining Phoenix Realty Group in 2006, Mr. Shea was an associate attorney with Bingham McCutchen LLP in Los Angeles, O'Sullivan LLP in New York, and Shea & Gould in New York. Earlier in his career, Mr. Shea founded a real estate development company in Montana and also served as an officer of a general contracting and construction company in Westchester County, New York.

Mr. Shea holds a Bachelors of Arts in History from Georgetown University and a Juris Doctorate from Georgetown University Law Center. He is a member of both the California and New York bar associations.

Lisa R. Theodore, CPA

Vice President and Controller

Lisa Theodore is responsible for the accounting, financial reporting and financial management information functions for Phoenix Realty Group.

Ms. Theodore joined the firm in 2005. Prior to that, she was a Senior Manager with Weiser, LLP, a national accounting and consulting firm specializing in servicing investors, owners, developers and managers in the real estate industry. She provided her real estate clients with business structure planning, tax planning and compliance (including historical and rehabilitation tax credits), and year-end planning. She has over 12 years of experience in public accounting.

Ms. Theodore received a Bachelor's of Business Administration Degree in Accounting from Hofstra University and is a Certified Public Accountant. She is a member of the American Institute of Certified Public Accountants and serves on the Real Estate Committee for the New York State Society of CPAs.

Stephen A. Scioscia

Vice President, Aquisitions

Steve Scioscia is responsible for origination, underwriting and acquisitions for urban residential and commercial investments in the Northeast Region.

Prior to joining PRG, Mr. Scioscia served at K. Hovnanian Homes as Acquisitions Manager for the company's Metro NY/NJ/CT division, where he was involved in the site acquisition for the development of approximately 2,000 residential units and close to $900 million in development.  K. Hovnanian is a national, publicly-traded residential development company.  Before Hovnanian, Mr. Scioscia oversaw the development of approximately 100 homes and close to $50 million in development through private ventures in the urban metropolitan New York area and Florida. Prior to this, Mr. Scioscia worked as a Senior Buisiness Analyst for Accenture, serving multiple fortune 500 companies.

Mr. Scioscia earned his Master's of Science in Real Estate Development and Finance with honors from New York University, and his Bachelor of Science in Mechanical Engineering with honors from Lafayette College.

Luis Canizo

Associate

Luis Canizo participates in PRG's asset management activities.

Prior to joining Phoenix Realty Group, Mr. Canizo was Associate Manager at real estate developer Prasetya Iberia in Spain where he focused on acquisitions of distressed assets, entitlement and project management through all stages of the development cycle. Prior to this, Mr. Canizo co-founded Despegar Online Travel, the largest Spanish-speaking travel agency with presence in nine countries. Mr. Canizo also worked as an Associate at United Technologies Corporation in several positions, and as Plant Manager in Ferrovial Construction Group.

Mr. Canizo is a chartered Civil Engineer from the Polytechnic University of Madrid and is a Fulbright Scholar with an MBA from the Massachusetts Institute of Technology.  Mr. Canizo also holds Master’s Degrees in both Real Estate Development and City Design from MIT, under RdP Foundation scholarships.

Gregory P. Richards

Associate

Gregory Richards participates in origination, underwriting and acquisitions for PRG investments in the Northeast Region.

Mr. Richards joined Phoenix Realty Group in 2004. Prior to joining PPRG, Mr. Richards was a Financial Analyst in the Real Estate Group of Morgan Stanley's Investment Banking Division. He has completed several transactions, including a sell-side engagement and corporate equity financings using valuation analysis as well as conducting market and industry research.

Mr. Richards graduated Summa Cum Laude with a Bachelor of Arts in Business Administration from Morehouse College.

Andrea Leppart

Associate

Andrea Leppart participates in origination, underwriting and acquisitions for PRG investments in the Northeast Region.

Ms. Leppart joined Phoenix Realty Group in 2005. Prior to joining PRG, Ms. Leppart was Vice President of Business Development and Finance at FLX Micro, where she was responsible for raising financing, strategic planning, and financial management and reporting. Prior to this, Ms. Leppart worked in Corporate Finance at BlueStone Capital Partners, where she provided strategic advisory and financial valuation services to companies seeking to access capital markets. Ms. Leppart also worked as an economic development consultant for six years, analyzing and advising on investment projects in over 15 countries, with total development costs of over $300 million.

Ms. Leppart received her Bachelor of Arts from the University of Minnesota and a Master of Arts with distinction from The American University in Washington, D.C. Ms. Leppart is also a licensed New York State real estate agent.

Robert T. De Forest

Associate

Mr. De Forest participates in the origination and investment of funds on behalf of PRG and their institutional investors.

Prior to joining Phoenix in 2006, Mr. De Forest was Urban Projects Specialist for the Mountains Recreation & Conservation Authority (MRCA), a local government public partnership between the Santa Monica Mountains Conservancy, which is a state agency established by the Legislature, and two local park agencies established by the vote of the people. In this capacity, he crafted urban park development and outreach strategy while overseeing a team within the agency’s Division of Education, Interpretation and Urban Projects.

Mr. De Forest received his Master of Arts in Urban Planning, with a specialization in environmental analysis and policy, from UCLA School of Public Affairs, his Master in Business Administration, with a specialization in finance and real estate, from the UCLA Anderson School of Management, and his Bachelor of Science degree in Biology from UCLA.

Hiro Suzuki

Associate

Hiro Suzuki participates in the origination, underwriting and acquisitions for the San Diego Smart Growth Fund.

Mr. Suzuki joined Phoenix Realty Group in 2006 after working for the firm as a summer associate in 2005. Prior to joining Phoenix, Mr. Suzuki was a Council Representative in the San Diego City Council District Eight office where he was responsible for housing, redevelopment, budget and stadium issues. Before his time at San Diego City Hall, Mr. Suzuki was a management consultant at Booz-Allen & Hamilton and also played minor league soccer in San Diego and Minneapolis.

Mr. Suzuki holds a Master's in Business Administration from the Anderson School at UCLA and graduated Cum Laude with a Bachelor of Arts in Economics from Yale University.

Erikka Blohm, CPA

Associate and Assistant Controller

Erikka Blohm participates in the accounting, financial reporting and financial management information functions for Phoenix Realty Group.

Ms. Blohm joined the firm in 2006. Prior to joining PRG, Ms. Blohm was the Manager of Financial Reporting for WellChoice, Inc. where she was responsible for SEC reporting. In addition, she worked at PricewaterhouseCoopers, LLP as a Senior Audit Associate in the Technology, Information, Communication and Entertainment Group.

Ms. Blohm received her Bachelor of Science in Management from the A. B. Freeman School of Business, Tulane University. She is a Certified Public Accountant.

Andrew M. Tingley

Associate, Corporate Communications

Andrew Tingley participates in corporate communications activities PRG-wide, including investor relations and external communications programs.

Prior to joining PRG in 2006, Mr. Tingley was a consultant providing marketing communications, public affairs and PR programs for clients that included a smart growth-driven residential developer and a corporate real estate services firm. From 2000 to 2004, Mr. Tingley worked for technology PR firm Brodeur Worldwide, where he managed brand communications and media relations projects for industry-leading large cap clients. Earlier in his career, he was a PR account executive at communications agency Earle Palmer Brown, serving clients in the financial, industrial and consumer sectors.

Mr. Tingley received his Bachelor of Arts from the University of Connecticut with majors in English and journalism.

Nathan M. Alexander

Associate

Nathan Alexander collaborates with internal and external counsel to assist the Executive Committee, Project Acquisitions, Asset Management and the other divisions of the company with respect to a diverse range of legal matters.

Prior to joining us in 2006, Mr. Alexander was an adjunct professor of Real Property law, Contract law, Ethics and Business Management at a local college, and was a strategic planning and research consultant to non-profit organizations. He has also served as a corporate, securities and contract law clerk in the Moscow office of Debevoise and Plimpton, LLP, where he researched and analyzed securities and contractual matters for large-scale Russian business concerns. Prior to this, Mr. Alexander worked for the UJA Federation of New York and was involved with émigré services prior to, and with disaster relief services following the events of September 11, 2001.

Mr. Alexander holds a Juris Doctorate with an elective concentration in business and taxation law from the University of Miami School of Law, as well as an MBA in Finance from the University of Miami School of Business Administration. He earned his BA in Political Science and Economics from Hunter College of the City University of New York. Mr. Alexander is a member of the New York Bar Association.

Edward Muradian, CPA

Associate

Ed Muradian participates in the accounting, financial reporting and financial management information functions for Phoenix Realty Group.

Mr. Muradian joined the firm in 2006. Prior to joining PRG, Mr. Muradian was a Senior Auditor at Deloitte & Touche, LLP in the Private Equity Group.  In addition, Mr. Muradian worked for Deloitte Tax, LLP as a Tax Associate in the Private Equity Group.

Mr. Muradian received his Bachelor of Science in Accounting from the School of Management at Binghamton University.  He is a Certified Public Accountant, and is an active member of both the American Institute of CPAs and the New York State Society of CPAs.

Daniel Hsu

Analyst

Daniel Hsu is involved with the origination, underwriting, acquisitions, and due diligence for PRG equity funds.

Mr. Hsu joined Phoenix Realty Group in 2006. Prior to joining PRG, Mr. Hsu was a Research Associate at Bentall Residential, a mid-sized affordable housing development company and tax-credit syndicator, from 2003-2006. At Bentall, Mr. Hsu prepared the financial analysis, market research and due diligence, and worked with the State of California Housing Finance Agency to secure acquisition financing through tax-credits and tax-exempt bonds.

Mr. Hsu received his Bachelor of Arts in Economics from the University of California at Berkeley.

Scott R. Darnell

Analyst

Scott Darnell is involved with the financial analysis and project underwriting for the San Diego Smart Growth Fund.

Mr. Darnell joined Phoenix Realty Group in 2006 having previously worked in the Investment Brokerage division of CB Richard Ellis, where he performed due diligence, market research, analytic valuation, and sales activities for development opportunities in Downtown San Diego. Mr. Darnell has also served as supervisor for a property management company specializing in multifamily properties in the San Diego area.

Mr. Darnell participates in a variety of volunteer work around the globe, having served in India, Thailand, Mexico, and Spain.

Mr. Darnell holds a Bachelor in Business Administration degree with minors in Economics and Philosophy from University of San Diego. Post-graduate, Mr. Darnell earned a Masters of Science in Real Estate from the University of San Diego.

William S. Lee

Analyst

William Lee is involved with financial analysis, investor presentations and market research.

Mr. Lee joined Phoenix Realty Group in 2006.  Prior to joining PRG, Mr. Lee was an Analyst in the Fixed Income Group at AllianceBernstein.  He provided company and industry performance analysis and research.   Prior to that he was a Senior Associate at Cambridge Associates LLC, where he oversaw a team within the firm's Control Group.

Mr. Lee received his Bachelor of Arts in Economics from the University of Pennsylvania. 

Patrick Zhu

Analyst

Patrick Zhu is involved with PRG's asset management activities.

Prior to joining Phoenix Realty Group in 2006, Mr. Zhu was a financial analyst at Marcus & Millichap, where he was responsible for financial, market research and compilations in support of the underwriting of more than $60 million in commercial properties. Prior to this, Mr. Zhu was with Jones Lang LaSalle and the Guangzhou Urban Planning Bureau, participating in the various public and private urban development projects in Guangzhou, China’s third-largest city.

Mr. Zhu received his Master of City and Regional Planning with concentration in Real Estate development and investment from Blousteins School of Planning and Public Policy at Rutgers University and holds a Bachelor of Engineering in Architecture with a minor in Economics from Guangdong University of Technology, China.