Serra is focused on providing effective and efficient real estate and project finance solutions for corporate, governmental and not-for-profit users.

Serra frequently employs credit tenant lease programs to provide 100% project and related financing at competitive pricing to public or corporate bonds with the associated benefit of diligent project and project team oversight. Directly and through affiliated entities, Serra principals also provide high-level consulting and operational real estate consulting.

Serra principals each have over 30 years of real estate investment, ownership and operational experience and evaluate and structure each opportunity from a long-term owner/occupant perspective. We are long-term partners to our clients, delivering an operational solution that endures – not a short-term transactional fix that leaves long-term problems.

Based on an entity’s contractual cash flow, our proprietary debt and equity capital structures offer our clients comparable or superior cost of capital relative to traditional financing sources while providing additional development and construction expertise, often at little or no cost as part of the financing program. These solutions have few of the traditional real estate or project finance lending or operational constraints.

Serra is a privately-held, 100% minority and veteran-owned business.



R. David Kelly | Managing Director and Co-founder

Mr. Kelly has 35 years of real estate and capital markets experience. Over his career he has arranged over $50 billion of financial transactions, developed over $3.5 billion in real estate assets including over $400 million in public- private partnerships. Mr. Kelly also has significant governance and strategic planning experience, particularly in the public sector. He was Chairman of the Texas Public Finance Authority from 2002-2006 and Chairman of the Teacher’s Retirement System of Texas from 2009-2017. He is currently lead independent director of TCW Direct Lending, a director of The Invesco REIT, and a director of Children’s Medical Center Plano Governing Board.

Mr. Kelly received a bachelor’s degree from Harvard University and a Master of Business Administration degree from the Stanford University Graduate School of Business.

Michael J. Lessel | Managing Director and Co-founder

Mr. Lessel has 37 years of experience in development, construction, brokerage and asset management. During that time, he represented The Walt Disney Company and PepsiCo and others in over 350 commercial transactions, including many confidential assignments. He also has provided significant consulting services to Fortune 100 companies and others with respect to real estate strategies and operations in warehousing/distribution, office, retail (including rollouts), telecommunications and infrastructure development and repositioning. He served as a commissioned officer in the U.S. Army Corps of Engineers and spent three years in the White House as the senior military social aide to President and Mrs. Ronald Reagan.

Mr. Lessel received a Bachelor of Science degree with dual concentration in engineering and economics from the U.S. Military Academy at West Point and a Master of Business Administration degree from the Stanford University Graduate School of Business.

Stephen Perry  | Managing Director

Mr. Perry has a thirty-year history of successful real estate and private equity investments including a long-term partnership with Richard Rainwater. He and his partners structured, executed, and financed the acquisition of Bally Gaming in the only successful contested-acquisition ever in the U.S. gaming industry, resulting in a 40-fold increase in stock price. Mr. Perry was a co-founder of the largest independent operator of timeshare resorts in the world, Signature Resorts, which grew from start-up to $1 billion in market capitalization in seven years.  Mr. Perry serves as a board member of the National Association of Urban Debate Leagues, which provides a forum for rigorous policy debate to over 10,000 students throughout the U.S.

Mr. Perry received a bachelor’s degree from Harvard University and a Master of Business Administration degree from the Stanford University Graduate School of Business.