For a copy of our Private Placement Memorandum/PPM (i.e. Investment Documents), contact: Thomas Lopez-Pierre 646-527-1116 info@urbanrealestatefund.com
50% of Distributable Profits will be Allocated to Equity InvestorsUrban Real Estate Fund III, LLC
Investment Focus
The Urban Real Estate Fund III, LLC exclusively invests with Black real estate entrepreneurs operating in Black communities across the Northeastern United States, including Connecticut, Delaware, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, and Washington, D.C.
Investment Structure Overview
After payment of annual Fund operating expenses, 50% of distributable profits will be allocated to accredited investors, with the remaining 50% allocated to Fund Management as carried interest, subject to the terms of the applicable investment documents.
The minimum investment is $10,000, with a five-year investment term.
Initial Investment
The Fund will invest $100,000 in capital raised from accredited investors through side-letter agreements with each Black real estate entrepreneur and through a joint-venture limited liability company (JV LLC).
Annual Investment Performance
Under the proposed investment model, after one year, the entrepreneur is expected to return the $100,000 principal invested by the Fund, plus a $50,000 profit payment. This represents a 50% return on the Fund's invested capital at the Fund level.
Profit Allocation
The $50,000 profit payment will be allocated as follows:
1 - $10,000 (20%) — allocated to Fund operating expenses. 2 - $40,000 (80%) — the remaining distributable profit, divided equally: (a) - $20,000 (50%) — distributed to accredited investors. (b) - $20,000 (50%) — allocated to Fund Management as carried interest.
The $100,000 original investment principal is separate from the $50,000 profit payment and is not included in the profit allocation.
Return of Investment Capital
Although the underlying investment is expected to return the $100,000 principal to the Fund after one year, the Fund will retain or redeploy the returned capital for the benefit of investors during the five-year investment term, subject to the applicable investment documents.
The $100,000 principal will be returned to investors at the end of the five-year investment term, subject to the terms and conditions of the applicable investment documents.
Investment Documents
For a copy of the Fund's Private Placement Memorandum (PPM) and other investment documents, please contact:
Thomas Lopez-Pierre646-527-1116info@urbanrealestatefund.com
The Urban Real Estate Fund III, LLC exclusively invests with Black real estate entrepreneurs operating in Black communities across the Northeastern United States, including Connecticut, Delaware, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, and Washington, D.C.
Investment Structure Overview
After payment of annual Fund operating expenses, 50% of distributable profits will be allocated to accredited investors, with the remaining 50% allocated to Fund Management as carried interest, subject to the terms of the applicable investment documents.
The minimum investment is $10,000, with a five-year investment term.
Initial Investment
The Fund will invest $100,000 in capital raised from accredited investors through side-letter agreements with each Black real estate entrepreneur and through a joint-venture limited liability company (JV LLC).
Annual Investment Performance
Under the proposed investment model, after one year, the entrepreneur is expected to return the $100,000 principal invested by the Fund, plus a $50,000 profit payment. This represents a 50% return on the Fund's invested capital at the Fund level.
Profit Allocation
The $50,000 profit payment will be allocated as follows:
1 - $10,000 (20%) — allocated to Fund operating expenses. 2 - $40,000 (80%) — the remaining distributable profit, divided equally: (a) - $20,000 (50%) — distributed to accredited investors. (b) - $20,000 (50%) — allocated to Fund Management as carried interest.
The $100,000 original investment principal is separate from the $50,000 profit payment and is not included in the profit allocation.
Return of Investment Capital
Although the underlying investment is expected to return the $100,000 principal to the Fund after one year, the Fund will retain or redeploy the returned capital for the benefit of investors during the five-year investment term, subject to the applicable investment documents.
The $100,000 principal will be returned to investors at the end of the five-year investment term, subject to the terms and conditions of the applicable investment documents.
Investment Documents
For a copy of the Fund's Private Placement Memorandum (PPM) and other investment documents, please contact:
Thomas Lopez-Pierre646-527-1116info@urbanrealestatefund.com
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.
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.
2466 Jefferson Court, East Meadow, NY$165,000 Line Of Equity Capital In 2025$82,500 Profit Payment Due In 12 Months/2026Investment #7 - OPEN
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.
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.
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.
Larry Thomas and Askari Foy, MBA, CPA plans to build a new one-family property.
$100,000 Line Of Equity Capital In 2024$50,000 Paid In 2025 (12 Months - 50% Annual Rate of Return)$50,000 Profit Payment Due In 12 Months/2026(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.
NOTE: Mortgage fraud with regard to a Federal Housing Administration (FHA) Loan is a felony in the State of Pennsylvania and the Federal Government of the United States of America.
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.
NOTE: Mortgage fraud with regard to a Federal Housing Administration (FHA) Loan is a felony in the State of Pennsylvania and the Federal Government of the United States of America.
The Urban Real Estate Fund, LLC will seek a court order to take 100% ownership of the 50% of 6044 Washington Avenue, Philadelphia, PA that is owned by Daphne McGee-Geathers (the remaining 50% of 6044 Washington Avenue, Philadelphia, PA is owned by the Urban Real Estate Fund, LLC).
6044 Washington Avenue, Philadelphia, PA was used by Daphne McGee-Geathers as collateral to ensure that the Urban Real Estate Fund, LLC is paid.
In addition, Urban Real Estate Fund, LLC will used the debt judgment to then go after Daphne McGee-Geathers' personal and business assets.
6044 Washington Avenue, Philadelphia, PA was used by Daphne McGee-Geathers as collateral to ensure that the Urban Real Estate Fund, LLC is paid.
In addition, Urban Real Estate Fund, LLC will used the debt judgment to then go after Daphne McGee-Geathers' personal and business assets.
163 Grafton Street, Brooklyn, NY$150,000 Line Of Equity Capital In 2024/2026(Ownership Transfer on May 22, 2026 to 163 Grafton Street Partners, LLC, a Joint Venture of the Urban Real Estate Fund, LLC and the Affordable Housing Campaign Fund, LLC)Investment #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, a joint venture partnership between the Urban Real Estate Fund, 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. In 2026, the Urban Real Estate Fund, LLC intends to deploy an additional $210,000 in [ equity ] capital into the project, bringing its total equity investment to $250,000.
In 2026, the Affordable Housing Campaign Fund, LLC plans to invest up to $1,000,000 (One Million Dollars) in [ debt ] capital into the project to support the completion of renovations, stabilization of the property, and refinancing of existing debt obligations.
The Urban Real Estate Fund, LLC and the Affordable Housing Campaign Fund, LLC intend to complete the renovation and stabilization of the property for tenants participating in the Section 8 Housing Choice Voucher Program.
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, a joint venture partnership between the Urban Real Estate Fund, 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. In 2026, the Urban Real Estate Fund, LLC intends to deploy an additional $210,000 in [ equity ] capital into the project, bringing its total equity investment to $250,000.
In 2026, the Affordable Housing Campaign Fund, LLC plans to invest up to $1,000,000 (One Million Dollars) in [ debt ] capital into the project to support the completion of renovations, stabilization of the property, and refinancing of existing debt obligations.
The Urban Real Estate Fund, LLC and the Affordable Housing Campaign Fund, LLC intend to complete the renovation and stabilization of the property for tenants participating in the Section 8 Housing Choice Voucher Program.
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 has 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, the property was acquired by 3129 Fenton Avenue, LLC for $1,199,461 (non-cash transaction/assumption of secured and unsecured debt) via a joint-venture partnership with the 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, the property was acquired by 3129 Fenton Avenue, LLC for $1,199,461 (non-cash transaction/assumption of secured and unsecured debt) via a joint-venture partnership with the 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.