Philadelphia Housing Authority buys 360-unit apt. building
PHILADELPHIA, PA — SREA Property Management, LLC (SREA), a commercial real estate asset and property management company, announced the sale of Brith Sholom House, located at 3939 Conshohocken Ave., to the Philadelphia Housing Authority (PHA). The sale was managed under a court-appointed receivership demonstrating the firm’s expertise and commitment to achieving successful outcomes to complex real estate matters.
Brith Sholom House, a 360-unit apartment building located in the Wynnefield section of Philadelphia, has been a significant part of the community by providing affordable housing to seniors since the 1970s. The building’s sale to the PHA is a critical step in ensuring that the property continues to serve its intended purpose.
SREA, appointed as the receiver for Brith Sholom House by the Court of Common Pleas of Philadelphia County, was tasked with stabilizing the property, working with the lender, lienholders, and tenants to improve property conditions, and marketing the property for sale to maximize recovery to all stakeholders. The firm’s extensive experience in receivership and asset management of distressed properties was crucial in navigating the challenges and competing priorities of this assignment.
“We are honored to have been entrusted with the receivership of Brith Sholom House,” said James Paterno, founder of SREA Property Management LLC. “Our priority has been to maintain the integrity of this important community asset while protecting the interests of all constituents and achieving an acceptable outcome. This sale is a testament to our team’s dedication to upholding the highest standards of professionalism and commitment to the communities we serve. We broadly marketed the asset and ultimately facilitated a seamless transition to the PHA.”
The sale of Brith Sholom House to the PHA aligns with the organization’s mission to expand affordable housing opportunities in Philadelphia. The PHA plans to undertake renovations to ensure the building meets modern standards while preserving its essential role as a residence for low-income seniors.
Alan Jovinelly, vice president of Receivership Services for SREA, played a pivotal role in stewarding this receivership estate. Jovinelly commented, “This project ranked as one of the top two most difficult assignments during my 40-year career representing both financial institutions and real estate developers because it required careful coordination with all stakeholders involved. Our goal was to minimize disruption for the residents while achieving a positive outcome for the future of the property. We are pleased that this sale to the PHA will secure the building’s legacy as a vital part of Philadelphia’s affordable housing landscape.”
Kamla Nagar Escorts made their lives fun. Taxes repair those whose hearts have been completely destroyed by love and passion. It is believed that these women enjoy our women the most. Kamla Nagar Escort Service goal is to provide our customers with innovative and exciting products. That’s why we bring new, attractive girls to our company every month. He is a very good worker.