Public Notice: Fraud, Financial Mismanagement, and Operational Incompetence
Urban Real Estate Fund, LLC (UREF), Urban Real Estate Fund III, LLC (UREF III), and Affordable Housing Campaign Fund, LLC (AHCF) have made the strategic decision to fundamentally change their business models after experiencing significant challenges involving fraud, financial mismanagement, and operational incompetence among [ several ] Black real estate entrepreneurs with whom the Funds have invested.
Five years ago, a group of Black medical doctors, corporate lawyers, and investment bankers came together to provide Black real estate entrepreneurs with access to equity capital to help revitalize Black communities.
Instead of delivering the responsible stewardship, financial transparency, and operational competence that investors have every right to expect, several Black real estate entrepreneurs have committed fraud, financial mismanagement, and failures to meet financial obligations.
Rather than continuing to rely on individual Black real estate entrepreneurs, UREF, UREF III, and AHCF have decided to shift their focus toward directly acquiring, developing, rehabilitating, and managing real estate investment properties exclusively in New York City.
By working together, UREF, UREF III, and AHCF will seek to create a sustainable real estate investment platform that "Builds Wealth and Creates Jobs."
Five years ago, a group of Black medical doctors, corporate lawyers, and investment bankers came together to provide Black real estate entrepreneurs with access to equity capital to help revitalize Black communities.
Instead of delivering the responsible stewardship, financial transparency, and operational competence that investors have every right to expect, several Black real estate entrepreneurs have committed fraud, financial mismanagement, and failures to meet financial obligations.
Rather than continuing to rely on individual Black real estate entrepreneurs, UREF, UREF III, and AHCF have decided to shift their focus toward directly acquiring, developing, rehabilitating, and managing real estate investment properties exclusively in New York City.
By working together, UREF, UREF III, and AHCF will seek to create a sustainable real estate investment platform that "Builds Wealth and Creates Jobs."
Investment #8 - In Default
Development Project: 2543 South Millick Street, Philadelpia, PA$100,000 Line Of Equity Capital In 2025$50,000 Profit Payment Due In 12 Months/2026
Collateral Property: 43% Ownership Interest Sold For $75,000 (as of August 11, 2026):
1 - 6128 Glenmore Avenue, Philadelphia, PA 19142 2 - 6352 Wheeler Street, Philadelphia, PA 19142
In 2025, the Urban Real Estate Fund, LLC invested $50,000 and the Social Impact Real Estate Fund, LLC invested $50,000 (a total of $100,000 in equity capital) via its joint venture partnership corporation: UREF Pryer Brown JV, LLC with Black real estate entrepreneurs: Donte Brown and Ray Pryer for the redevelopment of 2543 South Millick Street, Philadelphia, PA.
The investment capital was raised from Black accredited investors (medical doctors, lawyers, investment bankers, etc.).
Per the terms of our agreement, the Urban Real Estate Fund, LLC and Social Impact Real Estate Fund, LLC will each be paid $25,000 per year for the next 5 years (representing an annual 50% rate of return on $100,000 in equity capital).
In addition, UREF Pryer Brown JV, LLC was listed on the deeds of two secondary properties (to protect investors from losses). NOTE: On August 11, 2026, a 43% ownership interest in UREF Pryer Brown JV, LLC was sold to a Pennsylvania-based investor for $75,000. In 2026, Donte Brown and Ray Pryer FAILED to make their required $50,000 payment and refused to provide us financial documents, so that we can understand what they have ben spending rental income on. In 2026, Donte Brown and Ray Pryer FAILED to make a required $50,000 payment and have not provided the financial records we requested to help us determine how rental income generated by the properties has been received, managed, and spent.
UREF Pryer Brown JV, LLC intends to pursue legal action against [ Donte Brown ] and [ Ray Pryer ] for failing to make the required 2026 annual payment and failing to provide requested financial records and corporate documents.
The investment capital was raised from Black accredited investors (medical doctors, lawyers, investment bankers, etc.).
Per the terms of our agreement, the Urban Real Estate Fund, LLC and Social Impact Real Estate Fund, LLC will each be paid $25,000 per year for the next 5 years (representing an annual 50% rate of return on $100,000 in equity capital).
In addition, UREF Pryer Brown JV, LLC was listed on the deeds of two secondary properties (to protect investors from losses). NOTE: On August 11, 2026, a 43% ownership interest in UREF Pryer Brown JV, LLC was sold to a Pennsylvania-based investor for $75,000. In 2026, Donte Brown and Ray Pryer FAILED to make their required $50,000 payment and refused to provide us financial documents, so that we can understand what they have ben spending rental income on. In 2026, Donte Brown and Ray Pryer FAILED to make a required $50,000 payment and have not provided the financial records we requested to help us determine how rental income generated by the properties has been received, managed, and spent.
UREF Pryer Brown JV, LLC intends to pursue legal action against [ Donte Brown ] and [ Ray Pryer ] for failing to make the required 2026 annual payment and failing to provide requested financial records and corporate documents.
2466 Jefferson Court, East Meadow, NY$165,000 Line Of Equity Capital In 2025$82,500 Profit Payment Due In 12 Months/2026Investment #7 - In Default
In 2025, the Urban Real Estate Fund, LLC extended a line of equity capital of $100,000 to Larry Thomas and Askari Foy, MBA, CPA, real estate entrepreneurs, into their project: 2466 Jefferson Court, East Meadow, NY.
Larry Thomas and Askari Foy, MBA, CPA plans to build a new one-family property.
In 2025, Larry Thomas and Askari Foy, MBA, CPA will be required to pay a $50,000 investment payment (50% rate of return) and return $100,000 in principal capital to the Urban Real Estate Fund, LLC.
In 2025, Larry Thomas and Askari Foy, MBA, CPA paid a $75,000 investment payment (50% rate of return/18 month term) on a $100,000 investment to the Urban Real Estate Fund, LLC. In 2026, Larry Thomas and Askari Foy, MBA, CPA FAILED to make their required $82,500 payment.
The Urban Real Estate Fund, LLC plans to sue Larry Thomas and Askari Foy, MBA, CPA for failure to pay its 2026 annual payment.
In 2025, Larry Thomas and Askari Foy, MBA, CPA will be required to pay a $50,000 investment payment (50% rate of return) and return $100,000 in principal capital to the Urban Real Estate Fund, LLC.
In 2025, Larry Thomas and Askari Foy, MBA, CPA paid a $75,000 investment payment (50% rate of return/18 month term) on a $100,000 investment to the Urban Real Estate Fund, LLC. In 2026, Larry Thomas and Askari Foy, MBA, CPA FAILED to make their required $82,500 payment.
The Urban Real Estate Fund, LLC plans to sue Larry Thomas and Askari Foy, MBA, CPA for failure to pay its 2026 annual payment.
$100,000 Line Of Equity Capital In 2024$50,000 Paid In 2025 (12 Months - 50% Annual Rate of Return)$52,500 Paid In 2026 (12 Months - 50% Annual Rate of Return)
$50,000 Profit Payment Due In 12 Months/2027(Investment #6 - OPEN)
On June 14, 2024, BREF Fund I, LLC (now Urban Real Estate Fund, LLC) invested $100,000 with Tony Payton, Jr. into 319 Friends Street, Camden, NJ 08102.
In 2025, Tony Payton, Jr. paid a $50,000 investment payment (50% rate of return).
In 2026, Tony Payton, Jr. plans to return the $100,000 in principal equity capital and a $50,000 profit payment to the Urban Real Estate Fund, LLC.
Tony Payton, Jr. used the Urban Real Estate Fund, LLC’s investment capital to help him aquire the rest of the block 319 Friends Street, Camden, NJ 08102 is located on to merge the properties into one development project.
Tony Payton, Jr. plans to build a 30 unit student housing development (right next door to Rutgers University).
Tony Payton, Jr. is a former member of the Pennsylvania General Assembly.
In 2025, Tony Payton, Jr. paid a $50,000 investment payment (50% rate of return).
In 2026, Tony Payton, Jr. plans to return the $100,000 in principal equity capital and a $50,000 profit payment to the Urban Real Estate Fund, LLC.
Tony Payton, Jr. used the Urban Real Estate Fund, LLC’s investment capital to help him aquire the rest of the block 319 Friends Street, Camden, NJ 08102 is located on to merge the properties into one development project.
Tony Payton, Jr. plans to build a 30 unit student housing development (right next door to Rutgers University).
Tony Payton, Jr. is a former member of the Pennsylvania General Assembly.
17 Orchid Road, Levittown, NY$100,000 Line Of Equity Capital In 2023 $75,000 Profit Payment Paid In 2025 (18 Months - 50% Annual Rate of Return) Investment #5 - CLOSED
In 2023, BREF Fund I, LLC (now Urban Real Estate Fund, LLC) extended a line of equity capital of $100,000 to Larry Thomas and Askari Foy, MBA, CPA, real estate entrepreneurs, into their project: 17 Orchid Road, Levittown, NY.
In 2025, Larry Thomas and Askari Foy, MBA, CPA paid a $75,000 investment payment (50% rate of return/18 month term) on a $100,000 investment to the Urban Real Estate Fund, LLC.
Larry Thomas and Askari Foy, MBA, CPA built a new one-family property that was sold.
View construction progress video: https://youtu.be/rNVT4nxr3Cg (as of March 8, 2024) and https://youtu.be/9UPnxIPBjTo (as of September 18, 2024).
Check out mock-up at: https://www.redfin.com/NY/Levittown/17-Orchid-Rd-11756/home/20366387
In 2025, Larry Thomas and Askari Foy, MBA, CPA paid a $75,000 investment payment (50% rate of return/18 month term) on a $100,000 investment to the Urban Real Estate Fund, LLC.
Larry Thomas and Askari Foy, MBA, CPA built a new one-family property that was sold.
View construction progress video: https://youtu.be/rNVT4nxr3Cg (as of March 8, 2024) and https://youtu.be/9UPnxIPBjTo (as of September 18, 2024).
Check out mock-up at: https://www.redfin.com/NY/Levittown/17-Orchid-Rd-11756/home/20366387
6134 Washington Avenue, Philadelphia, PA$100,000 Line Of Equity Capital In 2023/2024$72,000 Payment Due In 24 Months/2025Investment #4 - In Default
In 2024, BREF Fund I, LLC (now Urban Real Estate Fund, LLC) invested $100,000 with Daphne McGee-Geathers, a real estate entrepreneur, into her project: 6134 Washington Avenue, Philadelphia, PA.
Daphne McGee-Geathers is gut-renovating the one-family property for sale.
On March 25, 2025, Daphne McGee-Geathers FAILED to make her required payment of $72,000 and return $100,000 in principal capital to the Urban Real Estate Fund, LLC.
On August 29, 2025, the Urban Real Estate Fund, LLC deposited a check for $72,000 into its bank account from Daphne McGee-Geathers that a few days later bounced (was returned for insufficient funds - see below photo).
On September 30, 2025, Thomas Lopez-Pierre of the Urban Real Estate Fund, LLC filed a [ breach of contract lawsuit ] in the Supreme Court of the State of New York against Daphne McGee-Geathers to protect its Black investors.
Daphne McGee-Geathers is gut-renovating the one-family property for sale.
On March 25, 2025, Daphne McGee-Geathers FAILED to make her required payment of $72,000 and return $100,000 in principal capital to the Urban Real Estate Fund, LLC.
On August 29, 2025, the Urban Real Estate Fund, LLC deposited a check for $72,000 into its bank account from Daphne McGee-Geathers that a few days later bounced (was returned for insufficient funds - see below photo).
On September 30, 2025, Thomas Lopez-Pierre of the Urban Real Estate Fund, LLC filed a [ breach of contract lawsuit ] in the Supreme Court of the State of New York against Daphne McGee-Geathers to protect its Black investors.
On October 18, 2025, Thomas Lopez-Pierre of the Urban Real Estate Fund, LLC filed a [ mortgage fraud criminal complaint ] with the Philadelphia Police department, Philadelphia District Attorney’s' Office of Economic Crimes and the Philadelphia Department of Records regarding his signature being forged on three mortgage documents: Federal Housing Administration (FHA) Loan [ see below screenshot ].
On December 11, 2025, Daphne McGee-Geathers was ARRESTED in Philadelphia, Pennsylvania and charged in connection with an alleged mortgage fraud scheme with regard to 6044 Washington Avenue, Philadelphia, PA 19143.
https://ujsportal.pacourts.us/Report/CpDocketSheet?docketNumber=MC-51-CR-0023041-2025&dnh=%2Bn3GPTAGXrWOChFmXeENmw%3D%3D
Thomas Lopez-Pierre of the Urban Real Estate Fund, LLC is committed to working with Federal, State and Local law enforcement agencies to ensure that the [ ALL guilty parties are arrested and held accountable ] to the highest level of the law. In November 2026, the trial of Daphne McGee-Geathers on mortgage-fraud charges is scheduled to take place.
On December 11, 2025, Daphne McGee-Geathers was ARRESTED in Philadelphia, Pennsylvania and charged in connection with an alleged mortgage fraud scheme with regard to 6044 Washington Avenue, Philadelphia, PA 19143.
https://ujsportal.pacourts.us/Report/CpDocketSheet?docketNumber=MC-51-CR-0023041-2025&dnh=%2Bn3GPTAGXrWOChFmXeENmw%3D%3D
Thomas Lopez-Pierre of the Urban Real Estate Fund, LLC is committed to working with Federal, State and Local law enforcement agencies to ensure that the [ ALL guilty parties are arrested and held accountable ] to the highest level of the law. In November 2026, the trial of Daphne McGee-Geathers on mortgage-fraud charges is scheduled to take place.
163 Grafton Street, Brooklyn, NY$100,000 Line Of Equity Capital In 2024/2026Investment #3 - In Default
In 2022, BLMREF Fund I, LLC (now Urban Real Estate Fund, LLC) invested $50,000 with Steven Ellis (in video), Michael Ellis, and Troy Goodman for the redevelopment of 163 Grafton Street, Brooklyn, New York, a gut renovation project involving a three-family property intended for rental income generation.
Later in 2022, the Urban Real Estate Fund, LLC invested an additional $50,000 into the project.
In 2023, Steven Ellis, Michael Ellis, and Troy Goodman repaid a total of $110,000 to the Urban Real Estate Fund, LLC, consisting of $60,000 in investment income and the return of $50,000 in principal equity capital related to the initial $100,000 investment.
Also in 2023, the Urban Real Estate Fund, LLC invested an additional $50,000 with Steven Ellis, Michael Ellis, and Troy Goodman.
On May 16, 2025, Steven Ellis, Michael Ellis, and Troy Goodman failed to satisfy their obligation to close out the investment with a $225,000 payment owed to the Urban Real Estate Fund, LLC.
On May 22, 2026, Steven Ellis, Michael Ellis, and Troy Goodman transferred ownership of the property to 163 Grafton Street Partners, LLC, serving as the equity capital partner, the Affordable Housing Campaign Fund, LLC, serving as the debt capital partner and Thomas Lopez-Pierre as the development partner.
Later in 2022, the Urban Real Estate Fund, LLC invested an additional $50,000 into the project.
In 2023, Steven Ellis, Michael Ellis, and Troy Goodman repaid a total of $110,000 to the Urban Real Estate Fund, LLC, consisting of $60,000 in investment income and the return of $50,000 in principal equity capital related to the initial $100,000 investment.
Also in 2023, the Urban Real Estate Fund, LLC invested an additional $50,000 with Steven Ellis, Michael Ellis, and Troy Goodman.
On May 16, 2025, Steven Ellis, Michael Ellis, and Troy Goodman failed to satisfy their obligation to close out the investment with a $225,000 payment owed to the Urban Real Estate Fund, LLC.
On May 22, 2026, Steven Ellis, Michael Ellis, and Troy Goodman transferred ownership of the property to 163 Grafton Street Partners, LLC, serving as the equity capital partner, the Affordable Housing Campaign Fund, LLC, serving as the debt capital partner and Thomas Lopez-Pierre as the development partner.
39 High Avenue, Pembroke, MA$100,000 Investment In 2022$60,000 Profit Payment Paid In 2025 (18 Months - 40% Annual Rate of Return)Investment #2 - CLOSED
In 2022, BREF Fund I, LLC (now Urban Real Estate Fund, LLC) invested $100,000 into Venture Alliance - 39 High Avenue, LLC.
In 2023, BREF Fund I, LLC was paid $60,000 (a 40% rate of return) and the return of $100,000 in principal investment capital from Venture Alliance - 39 High Avenue, LLC (the "Company").
The Company is an investment vehicle managed by Askari Foy, MBA, CPA and Larry Thomas, experienced Black real estate developers and Co-Founders of Venture Alliance Real Estate Enterprise.
NOTE: The property was sold prior to development for a profit in 2023.
In 2023, BREF Fund I, LLC was paid $60,000 (a 40% rate of return) and the return of $100,000 in principal investment capital from Venture Alliance - 39 High Avenue, LLC (the "Company").
The Company is an investment vehicle managed by Askari Foy, MBA, CPA and Larry Thomas, experienced Black real estate developers and Co-Founders of Venture Alliance Real Estate Enterprise.
NOTE: The property was sold prior to development for a profit in 2023.
3129 Fenton Avenue, Bronx, NYFrom 2021 to 2025, the Urban Real Estate Fund, LLC invested $330,000 in debt and equity(Sold For $1,199,461)!Investment #1 - CLOSED
In 2021, BREF Fund I, LLC (now Urban Real Estate Fund, LLC), with a $10,000 capital investment and the assumption of $315,000 in mortgage debt (and about $450,000 in additional debt), acquired the controlling interest in 3129 Fenton Avenue, Bronx, New York 10469 (the "Property").
3129 Fenton Avenue, Bronx, New York 10469 is currently valued at $705,167 on Redfin.com (as of April 30, 2025).
The Urban Real Estate Fund, LLC invested capital to bring the property's mortgage current (remove the property from the pre-foreclosure legal process) and renovate the property.
The property is currently a one-story, one-family residence with approximately 50x100 square feet of land.
In January 2025, a tenant using a government voucher program moved into the property at a rent of $3,910 per month.
On April 30, 2025, 3129 Fenton Avenue, LLC acquired the property for $1,199,461 through a non-cash transaction involving the assumption of secured and unsecured debt. The acquisition was completed through a joint-venture partnership with Affordable Housing Campaign Fund, LLC, managed by Thomas Lopez-Pierre.
One year later, on April 30, 2026, 3129 Fenton Avenue, LLC successfully refinanced an exploitative mortgage put in place by the previous owner—reducing the interest rate from 12.25% to 6.5% through a new $338,000, 10-year interest-only loan with East West Bank.
3129 Fenton Avenue, Bronx, New York 10469 is currently valued at $705,167 on Redfin.com (as of April 30, 2025).
The Urban Real Estate Fund, LLC invested capital to bring the property's mortgage current (remove the property from the pre-foreclosure legal process) and renovate the property.
The property is currently a one-story, one-family residence with approximately 50x100 square feet of land.
In January 2025, a tenant using a government voucher program moved into the property at a rent of $3,910 per month.
On April 30, 2025, 3129 Fenton Avenue, LLC acquired the property for $1,199,461 through a non-cash transaction involving the assumption of secured and unsecured debt. The acquisition was completed through a joint-venture partnership with Affordable Housing Campaign Fund, LLC, managed by Thomas Lopez-Pierre.
One year later, on April 30, 2026, 3129 Fenton Avenue, LLC successfully refinanced an exploitative mortgage put in place by the previous owner—reducing the interest rate from 12.25% to 6.5% through a new $338,000, 10-year interest-only loan with East West Bank.