SREA Property Management finalizes receivership with sale of The Bentley in Center City

PHILADELPHIA, PA — SREA Property Management (SREA), a trusted leader in commercial real estate receivership and asset management, has successfully concluded its court-appointed receivership of The Bentley, a 17-story, 63-unit residential building located at 257 S. 16th St. in Center City Philadelphia. The sale of the note in June 2025 resulted in significant value creation for stakeholders.

Appointed by the Court to stabilize and position the distressed property for recovery, SREA navigated a complex array of challenges, including halted construction, utility shutdowns, safety violations, and unauthorized trespassers. Through swift and strategic action, the team secured the site, resolved façade violations, reduced operating expenses, and led a targeted marketing campaign that generated multiple offers.

“This assignment is a prime example of our ability to stabilize severely distressed assets and create meaningful value for lenders, owners, and the surrounding community,” said Sean Myers, acquisitions and assets manager. “Our receivership services are designed to protect and enhance real estate assets during periods of uncertainty, and The Bentley’s outcome demonstrates the power of that approach.”

SREA’s success at The Bentley follows the firm’s prior court-appointed receivership of Brith Sholom House at 3939 Conshohocken Ave.—a 360-unit senior housing property in disrepair and facing over 200 code violations. Within nine months, SREA and the lender restored critical services, improved living conditions, and executed a strategic short sale to the Philadelphia Housing Authority (PHA).

“These two properties demonstrate our expertise in managing distressed assets of all types—from high-rise residential towers to large-scale affordable housing complexes,” said Alan Jovinelly, managing director of REO Services. “In both cases, our team delivered comprehensive stabilization, facilitated successful dispositions, and helped reposition the properties for long-term success.”