M id A tlantic Real Estate Journal — Pennsylvania — September 2024 — 35A
www.marej.com
P ennsylvania
Philadelphia Housing Authority buys 360-unit apt. building SREA handles sale of Brith Sholom House in Philadel phia P HILADELPHIA, PA — SREA Property Management, LLC tated a seamless transition to the PHA.”
ceiver 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 ten - ants to improve property con - ditions, and marketing the property for sale to maximize recovery to all stakeholders. The firm’s extensive experience in receivership and asset man - agement of distressed proper - ties was crucial in navigating the challenges and competing priorities of this assignment. “We are honored to have been entrusted with the re - ceivership of Brith Sholom House,” said James Pater - no , founder of SREA Prop - erty Management LLC. “Our priority has been to maintain the integrity of this impor - tant 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 uphold - ing the highest standards of professionalism and commit - ment to the communities we serve. We broadly marketed the as set and ultimately facili -
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 stan - dards while preserving its es - sential role as a residence for low-income seniors. Alan Jovinelly , vice presi - dent of Receivership Services for SREA, played a pivotal role in stewarding this receiv - ership estate. Jovinelly com - mented, “This project ranked as one of the top two most dif - ficult 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 dis - ruption 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 Phila - delphia’s affordable housing landscape.” MAREJ
(SREA) , a commercial real estate asset and p r o p e r t y management company, an - nounced the sale of Brith S h o l o m
James Paterno
House, located at 3939 Con - shohocken Ave., to the Phila - delphia Housing Authority (PHA) . The sale was managed under a court-appointed re - ceivership demonstrating the firm’s expertise and commit - ment to achieving successful outcomes to complex real estate matters. Brith Sholom House, a 360- unit apartment building lo - cated in the Wynnefield section of Philadelphia, has been a sig - nificant part of the community by providing affordable hous - ing 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 re -
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