Arthur J. Falcone has over 35 years of executive experience and a proven track record of success. Mr. Falcone brings tested leadership, an entrepreneurial spirit and unparalleled expertise in all areas of real estate. He has diverse and extensive experience in the management of purchasing, financing, and developing residential and commercial real estate product types.
Mr. Falcone is one of Rescore's directors and a Managing Principal of Encore, and the Investment Manager. Mr. Falcone will be responsible for all facets of the business and sits on the Investment Committee.
Art is also the founder and Managing Principal of Miami Worldcenter, one of the largest master-planned urban environments in the United States. Spanning more than 30 acres across nine blocks in the heart of downtown Miami, the already-approved project allows for more than 15 million square feet of mixed-use multi-billion dollar development, including retail, restaurant and entertainment, hotel, residential, and office.
As Chief Executive Officer and Chairman from 2004 to the present of Falcone Group, a vertically-integrated real estate and land development organization, Mr. Falcone successfully established the company as an internationally recognized real estate corporation. Under his leadership, The Falcone Group owned development companies specializing in residential, retail and apartment assets.
Mr. Falcone began his business more than 35 years ago, investing in fast food restaurants, hotels and health clubs in New York State, and at the age of 22 became the youngest operator of a McDonald's franchise. He quickly became the owner and operator of more than 100 McDonald's, Wendy's and other family-style restaurants throughout New York, Florida and California, and was also a Days Inn Hotel franchisee.
In 1988, Mr. Falcone formed the homebuilding and land development company Transeastern Properties, Inc. Transeastern began purchasing residential and mixed-use properties from distressed and bankrupt sellers and capitalizing on foreclosures against distressed housing debt brought on by the national recession in the late 1980's and early 1990's. As the economy rebounded, this asset base fueled Transeastern's growth, within 15 years Transeastern had become the largest private homebuilder in the State of Florida and one of the top 25 homebuilders in the United States. In 2005, as the homebuilding market peaked, Art sold Transeastern, (including the land company), to Technical Olympic USA ("TOUSA") for a total consideration of $1.6 billion in one of the largest private transactions in the history of homebuilding and land sales. During this period, Mr. Falcone developed or acquired interests in over 20,000 multifamily apartment units, in 2006; Mr. Falcone sold his remaining apartment portfolio for $480 million.
Under Mr. Falcone’s leadership, Century Communications (“Century”), a telecommunications company, was developed into a full-service TV, internet, and alarm company providing services to Transeastern Homes and its affiliates. The sale of Century Communications was completed in 2008 to Bright House Networks and Comcast.
Mr. Falcone has been serving on the Board of Trustees for Nova Southeastern University since 2006. He has also been inducted into Nova Southeastern University's Entrepreneur Hall of Fame as well as the Junior Achievement Hall of Fame. He and his wife, Marcy, sit on the boards of Crohn's and Colitis National Foundation and SOS Children's Village. Mr. and Mrs. Falcone have been benefactors to various foundations and charities, including a donation to Junior Achievement BizTown in Coconut Creek known as the Falcone Family JA BizTown. The facility is state-of-the-art, with an emphasis on hands-on, experiential learning techniques. The focus is financial literacy, financial responsibility, work readiness and entrepreneurship.
Tony Avila is a co-founder and Managing Principal of Encore Housing Opportunity Funds and Rescore Property Corp, a family of $1.2 billion residential real estate private equity funds. Encore’s primary focus is developing master planned communities, subdivisions and urban residential projects in Florida, Texas, Arizona, and California. Rescore is a private REIT solely focused on developing new, urban apartments in tier one cities near downtown locations with a high “walk score.” Rescore is developing apartments in Florida, Texas, Arizona, and California.
Mr. Avila is also founder and Chief Executive Officer of Builder Advisor Group, a boutique investment banking firm that focuses on advising real estate and development companies on financial transactions including capital raising, debt restructuring and mergers and acquisitions.
Over the past 15 years, Mr. Avila has served as an advisor in over 50 homebuilding merger and acquisition transactions valued at over $6 billion in the aggregate and helped to raise approximately $10 billion in over 50 debt and equity issuances for publicly-traded and private apartment homebuilding and land development companies. In 1999, Mr. Avila represented the Irvine Company in its acquisition of Irvine Apartment Communities.
His experience in the housing sector began during the previous major recession when he worked from 1987 to 1989 at the Federal Home Loan Bank of San Francisco overseeing troubled, government-controlled savings and loans. He joined Montgomery Securities in 1996, which was acquired by Banc of America Securities in 1998. While at Banc of America Securities, Mr. Avila was an advisor to the Pebble Beach Company, helping to bring the Pebble Beach Resorts back to U.S. ownership. In late 2001 through early 2002, he advised D.R. Horton for the acquisition of Schuler Homes, the second largest homebuilding acquisition in the U.S.
In 2002, Mr. Avila joined JMP Securities where he founded and lead the Homebuilding Investment Banking team for six years. Some notable transactions include advising Transeastern Properties on its sale to TOUSA in August 2005, advising Town and Country Homes on its sale to the Blackstone Group and K. Hovnanian Homes and advising on the formation of a $250 million joint venture between Metro Development and D.E. Shaw to acquire distressed land.
With Builder Advisor Group, in 2008, he advised MatlinPatterson Global Advisors LLC, a global distressed private equity firm, on its capital investment in Standard Pacific. Mr. Avila advised on the joint venture between The Carlyle Group and Edward Andrews Homes and worked to establish a joint venture between GTIS Partners and LGI Homes. He also advised LGI Homes on their initial public offering, enabling a successful exit for GTIS Partners. Most recently, Mr. Avila advised on the sale of Royal Oak Homes to AV Homes, the sale of Regent Homes to D.R. Horton, the sale of Citizen Homes to UCP Communities and the sale of an interest in Johnson Development to Tricon.
Mr. Avila is a graduate of the University of California, Berkeley. He is a ULI member and active participant of the Community Development Council. Mr. Avila is a board member of the Positive Coaching Alliance and is a member of the Finance Advisory Board for the Sisters of the Holy Family He has been a volunteer little league baseball coach for the past seven years. In his personal family office, Mr. Avila has owned and managed over 1,000 apartments and homes throughout the Bay Area.
Bill Powers resigned from PIMCO in 2010 after a 19 year career as a fixed income portfolio manager and managing director. He was a member of its investment and executive committees. He oversaw PIMCO's global portfolio operations in Tokyo, Singapore, Sydney, London, and Munich. Prior to joining PIMCO in 1991, he was with Salomon Brothers and before that, with Bear Stearns as senior managing director specializing in mortgage-backed securities.
Mr. Powers leverages his expertise in the debt and capital markets and distressed debt investing to assist in identifying and assessing investment opportunities for the Fund. Mr. Powers is also responsible for relationships with institutional investors and the capital markets.
A graduate of St. Albans School in Washington D.C., he served on the school's board of governors; and at Princeton, he was a two-year letterman, was chosen to the All Ivy league team and recently made the naming gift for its new football field. He generously supports and has been a board member of the L.A. Philharmonic, Jazz Aspen Snowmass, Sonoma Jazz +, The Kennedy Center for the Performing Arts, and the Painted Turtle camp for special-needs children.
Mr. Powers received an AB in economics from Princeton and an MBA from the Stanford Graduate School of Business.