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ITG FUND II LLLP – a Florida investment partnership which aims to generate tax exempt income and capital gains in excess of what is generally available to the market at large. ITG FUND II has two classes of limited partner interests: Ordinary Limited Partners and Special Commitment Limited Partners, analogous to common and preferred equity holders, respectively.
Its predecessor, The ITG Tax Free Income & Capital Appreciation Fund, LTD, generated annualized returns to its Ordinary Limited Partners in the mid-to-high teens, from its inception in 1999 until its dissolution in 2010. Since the inception of ITG FUND II in 2011, Ordinary Limited Partners of ITG FUND II have realized mid teens returns on an annualized basis.
ITG TAXABLE FUND LLLP – is a Florida investment partnership which aims to generate partnership income in excess of what is generally available to investors in the debt market, through a combination of well-collateralized instruments. ITG TAXABLE FUND has three classes of limited partners interest, (i) Senior Special Commitment Limited Partners, (ii) Special Commitment Limited Partners, and (iii) Ordinary Limited Partners. The preferred return for each class of limited partner interest is inversely correlated to its preference in the capital stack.
Since its inception in 2013, ITG TAXABLE FUND has generated returns in the low-to-mid teens annually to the Ordinary Limited Partners.
The ITG Capital Group team has expertise in creative capital solutions for commercial borrowers. Through the comprehensive and robust experience of its principals and employees, ITG prides itself on quickly analyzing and assessing a distressed situation to target a solution to assist the debtor. Through loans, sale and leaseback, purchase options and a multitude of other mechanisms, ITG is uniquely flexible in finding solutions to a business’s capital needs. We pride ourselves in our diligent underwriting, keeping us, and the client, distanced from contentious situations and mitigating risk.
While we recognize that each opportunity has a unique set of circumstances, ITG’s investment criteria set typically includes the following:
- Size: $1MM-$10MM
- Term: 1-5 years
- Location: Within the contiguous U.S.
- Security: Real Estate
- Loan-to-Value (LTV): Up to 75%
ITG Realty, LLC – ITG Realty provides Residential and Commercial Real Estate services in Brevard County and throughout all of Florida. ITG Realty began as an in-house brokerage for ITG, with its primary focus in the acquisitions and sale of income producing properties; however, it has since expanded its role into a full service real estate brokerage. Our real estate services include helping our clients with the buying and selling of residential, commercial and investment properties, as well as rental property management.
Insurance Professionals of Brevard, LLC- Since 2005, our team of insurance professionals has been helping businesses and residents in Brevard County, and throughout the State of Florida, protect their investments.
With an abundance of quality insurance products, covering auto, property, commercial, and life, the agents at Insurance Professionals of Brevard understand the unique needs of clients within the Sunshine State.
THE ITG TEAM
Daniel E. Carter
Blaine E. Barton
Lance J. Lester
Andrew E. Sanford
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Daniel E. Carter
Daniel Carter began his career in municipal bond sales before transitioning into bond trading. While at the trading desk, nearly 40 years ago, Carter found a niche trading distressed and defaulted municipal bonds. Carter’s experience in the municipal bond industry led to him to establish a lending business (private, secured commercial loans and Debtor-In-Possession loans) and a healthcare operations business (managing retirement communities and skilled nursing facilities).
Municipal Bond Funds
In 1999, Carter started the ITG Tax Free Income & Capital Appreciation Fund, Ltd., focusing on the acquisition and restructuring of distressed or defaulted municipal debt obligations in need of financial assistance and/or operational improvements. ITG’s investment and work-out philosophy centers around cooperation with existing debtors and/or management to achieve a maximum value exit strategy within the confines of the particular credit.
ITG FUND II, LLLP (“FUND II”) began in 2011 with a primary focus on Florida Community Development Districts but has since held or holds significant positions outside of Florida and other industries, including in the healthcare industry. From inception though year end 2019, FUND II has generated returns ranging from 15% to 17.6% annualized IRR to its Ordinary Limited Partners and has now returned about 2x the capital to its original investors.
Private Loans and Debtor-In-Possession
In 1999, Carter formed Naples Lending Group LC (“NLG”) to make Debtor-in-Possession loans and has since the late 1990s has provided credit to numerous, from a variety of industries, debtors under Chapter 11 bankruptcy protection.
Recognizing investor demand for high yielding secured financings, Carter sought to establish a fund into which outsiders could invest money. ITG TAXABLE FUND (“Taxable Fund”) was formed in 2013 with a primary focus on DIP lending and land secured financing to borrowers who can’t or don’t want to borrow from regular commercial lenders. Since its inception in 2013, Taxable Fund has returned up to IRR in the low-to-mid teens annually to its Ordinary Limited Partners.
One Debtor-In-Possession to which NLG issued credit was Buena Vida Estates Inc. (“Buena Vida”), a continuing care retirement community in Melbourne, FL. After multiple failed restructurings in and out of bankruptcy and on the verge of liquidation, Carter proposed to the bankruptcy court that he purchase all of its outstanding debt and begin managing the operations of Buena Vida.
At that time, Buena Vida’s occupancy was below 70% and annual net income was deep in the red. Through management by ITG Management LLC (“ITG”), Buena Vida was able to stabilize occupancy at 95%, which enabled Buena Vida to reposition and expand in 2008. With a waiting list of 50+, ITG is managing another expansion to include 24 cottages and a clubhouse.
Personal Life and Professional History
After his early years as a bond salesman and then a bond trader, Carter moved to Naples, FL to help open the firm’s new office. As a lifetime entrepreneur, Carter soon went into business on his own, first through a series of joint ventures, and then his own broker/dealer.
In 1991, Carter began International Trading Group I, Inc., a licensed NASD broker/dealer, specializing in defaulted and distressed municipal bond obligations. While an active broker/dealer, International Trading Group I, Inc. was principal in the restructuring, repositioning, and workout of over $500 million in municipal debt obligations. Throughout his years as a trader, Carter held Series 7, Series 24, Series 53, and Series 63 securities licenses. He has also led the formation of two previous investment funds, ITG Investor Group, Inc. and Gordon Fixed Income Investments, Inc., of which he also participated as a principal investor.
Carter holds a Bachelor of Science in Business Administration from William & Mary College and Master’s Degrees in Finance and Entrepreneurial Studies from Indiana University.
Dan is happily married to his wife of over 35 years, and they have two sons together. Dan and his wife spend their time in Southwest Florida, Space Coast of Florida and Southwestern Colorado. Dan credits his success to the continued love and support of his wife.
Harold “Rusty” Melle is broker of record for ITG Realty LLC, a full-service real estate brokerage in Brevard County. Rusty currently carries the designations of MRP (Military Relocation Professional), SRES (Senior Real Estate Specialist), CRB (Certified Real Estate Broker Manager), SFR (Short Sales and Foreclosure Resource Certification) and CDPE (Certified Distressed Property Expert).
Rusty is a proud veteran of the United States Navy, serving during Desert Storm Desert Shield. He cherishes those years of service as invaluable in teaching him hard work and dedication. Rusty currently serves on the Board of the Henegar Center for the Performing Arts, is Founder and Board member of Coloring the Causeway for a Cure, and serves on the Board of Promise in Brevard, a local not-for-profit focused on helping young adults with special needs.
Blaine E. Barton
Blaine Barton has over 35 years of experience in all facets of business operations, including management, purchasing, accounting and sales. He joined ITG in February 2003, and has been managing and overseeing the operations of Buena Vida Estates, a continuing care retirement community in Brevard County, including its expansions and refinancing. Through these efforts, Buena Vida Estates is recognized as Brevard County’s premiere retirement community.
Blaine is a graduate from the University of Kentucky with a Bachelor of Science in Accounting and has resided in Naples Florida since 1980
Lance J. Lester
Mr. Lester joined ITG Capital Group in the spring of 2010 as a financial analyst with an emphasis on real estate securities and private equity. Over his time at ITG, Mr. Lester has transitioned from analyst, leading due diligence on a variety of credits in both the tax exempt and the taxable areas, to a managing partner of (i) ITG Taxable Fund LLLP and (ii) ITG Golf Fund LLLP, a closed-end partnership with majority equity positions in a portfolio of clubs throughout Florida.
Mr. Lester leverages his past experiences to provide in-depth analysis on potential investments presented to ITG, and is an integral part in selecting and underwriting which opportunities offer the greatest risk adjusted return to our partners.
Lance is a graduate from the University of South Florida in Tampa, FL with a Bachelor of Science in Finance and a Bachelor of Arts in Psychology.
Andrew E. Sanford
A native Neapolitan, Andrew joined ITG in the fall of 2007.
Since joining ITG, Andrew’s focus has been on debtor in possession loans and work-out situations, beginning early on with tax-exempt bonds throughout the United States across a variety of credit types, but has in recent years expanded to include commercial mortgage work-outs.
Andrew is a managing partner in each of ITG’s investment funds: ITG Fund II and ITG Taxable Fund.
Andrew attended Iona College in New Rochelle, NY, where he graduated from the Honors Degree Program Magna Cum Laude with a Bachelor of Science in Economics. In his spare time, Andrew enjoys playing soccer and is a coaching director for a Naples-based youth soccer club.
The material on this website is confidential and may not be reproduced or provided to others without the express written permission of ITG Capital Group (“ITG”).
The material on this website has been prepared for informational purposes only and does not constitute an offer, or a solicitation of an offer, to buy or sell any security or financial instrument, or to participate in any investment strategy. This material does not purport to be complete or contain all of the provisions that would be set forth in any offering memorandum. Any investment vehicles described herein should be considered high-risk and may experience substantial or sudden loss, including total loss of invested capital.
Any potential investment in any investment fund, managed account or other vehicle described herein may not be suitable for all investors. Any prospective investment will require you to represent that you are an “accredited investor”, as defined in Regulation D under the Securities Act of 1933, as amended. Any investment vehicles, including funds or managed accounts, described herein are not registered with the SEC as they have each claimed an exemption from such registration under the Act. The securities and financial instruments described herein may not be available in all jurisdictions. Potential investors should be aware that any direct or indirect investment in any investment vehicle described herein is subject to significant risks, including total loss of capital. Potential investors should also be aware that there are significant restrictions on transferability and redemption of interests in such vehicles. Investors should be able to bear the financial risks and limited liquidity of an investment in the vehicles described herein.
All performance information set forth herein is based on historical data and, in some cases, may be based on hypothetical data and reflect certain assumptions with respect to fees, expenses, taxes, capital charges, allocations and other factors that affect the computation of the returns. These figures may also be non-audited and subject to material change. Past performance is not indicative of future results, and it is impossible to predict whether the value of any underlying assets will rise or fall over time.
While the information (including any historical or hypothetical returns) in these materials has been obtained from sources deemed reliable, neither ITG nor its affiliates guarantee its accuracy, timeliness or completeness. Any opinions expressed herein are statements of our judgment on this date and are subject to change without notice. ITG and its affiliates assumes no liability for any consequences, financial or otherwise, arising from an investment in any security or financial instrument described herein or in any other security, or from the implementation of any investment strategy. The material in this document and in this website should not be construed as legal, business or tax advice. ITG is not acting as your legal, financial, tax or accounting adviser or in any other fiduciary capacity with respect to any investment offered. Prospective investors in any such funds must understand, and are strongly encouraged to discuss with their professional tax, legal, accounting and other advisors, the risks and effects of any investment into which they enter. If you decide to enter into an investment, you do so in reliance on your own judgment and you must be willing and able to bear the risks associated with such investment.
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