An affiliate of American Ventures will act as the fund's general partner and make the investment decisions for the fund. The company expects most of the fund's investments to be in the form of mezzanine loans to developers with the ability to manage complex real estate projects. "The launch of these funds places our city in a national leadership role in the creation of innovative ways to leverage private and public resources for public good," Miami Mayor Manny Diaz says in a statement.American Ventures Realty Corp. is headed by Philip Blumberg. Besides Blumberg and Diaz, the official local launch, planned for noon at the Miami Arena, is expected to be attended by Miami city commissioners Arthur Teele and Johnny Winton, fund participants Wachovia, Citibank, BAC Florida, Union Planters Bank, John S. & James L. Knight Foundation, and the McCune Foundation, as well as other city and county government officials.