FORT LAUDERDALE, Fla. – Berger Special Assets, a division of Berger Commercial Realty Corp., announced Lloyd Berger has been named receiver for Palm Vista in Fort Myers, Fla. The 136-unit property consists of 12 two-story buildings located at 3726 Central Ave in Fort Myers.
“We are positioned to successfully resolve the challenges of this failed property in a cost-efficient manner to restore the asset to its maximum value and occupancy,” said Berger, founder and president of Berger Commercial Realty Corp.
Palm Vista features one-bedroom/one-bath and two-bedroom/two-bath apartment units, as well as amenities such as a club house, playground, pool, and fitness center.
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.