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.
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.
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.
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
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.