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.

Xavier A. Gutierrez

Managing Director

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

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, he 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.

Mr. Gutierrez serves on the on Executive Committee for the Los Angeles District Council of the Urban Land Institute (ULI), as the co-chair of New Programs for the Pension Real Estate Association (PREA), on the Board of Regents of Loyola Marymount University (Los Angeles), and as Vice-Chair of the Advisory Board for the Ross Program in Real Estate at the USC Lusk Center for Real Estate. He has previously served on several academic, non-profit and government boards, including the Stanford Law School Board of Visitors, as a Committee Member of the Harvard Alumni Association, the Board of the East Los Angeles Community Corporation (ELACC), and on the Construction Services Committee for the City of Los Angeles.

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

R. Alex Saunders

Senior Vice President and Director of Los Angeles Metro Acquisitions

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 serves as an adjunct professor for the Advanced Finance and Investment course and the Analyzing Real Estate Markets course at the University of Southern California. In addition, Mr. Saunders sits on the Advisory Board for the University's Master of Real Estate Development program.

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.

Scott Shea

Vice President, Project Acquisitions and Assistant General Counsel

Scott Shea is responsible for firm-wide legal affairs, including acquisitions, financing and asset management matters.

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

Senior Vice President, Chief Financial Officer - Funds

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

Senior Vice President, Acquisitions

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 Business 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.