FORT LAUDERDALE, Fla. – Berger Special Assets, acting as receiver for Plaza Fifth Apartments in St. Petersburg, Fla., has completed repositioning the 178-unit project, which is now being marketed as rental apartments, rather than condominium units as was planned by the original developer. Berger Special Assets, a division of Berger Commercial Realty Corp. was hired in October 2009 by the lender, Capital Source, to provide construction management for completion of the failed condominium and subsequent oversight of the project.
“Our expertise and cost-efficiency in successfully resolving the challenges presented by failed properties and repositioning the asset for maximum value and occupancy has fueled our growth in this specialty around the state,” said Lloyd Berger, founder and President of Berger Commercial Realty Corp. “This particular failed project had many hurdles, not the least of which was bankruptcy filings by two of the core trades during construction.”
One-, two- and three-bedroom apartments in the 12-story building range from 758 to 1975 square feet with features such as granite countertops, solid wood cabinetry, central air, walk-in closets, private patios, and floor-to-ceiling windows. The building’s amenities include a business center, swimming pool with tanning deck, clubroom with flat screen TV, a cardio and fitness center, and controlled access gates.
Berger Special Assets (BSA), a division of Berger Commercial Realty Corp., serves as receiver, management company, leasing and sales agent for distressed commercial and multi-family properties on behalf of lenders. Founded in late 2008, BSA grew exponentially in 2009 from nine active accounts in five cities and 16 properties to 25 cities with 128 properties, geographically expanding from South Florida to Tampa, St. Petersburg, Orlando, Daytona, the Southwest corridor and all points in between. In the process, Berger Commercial Realty Corp. and its subsidiaries have grown to a staff of 38 statewide.
The division continues to receive five to seven new accounts per month. In addition to referrals from real estate attorneys and lenders, BSA now is seeing new assignments coming from debt investors acquiring distressed loan portfolios from lenders.