Berger Special Assets, in Receivership Role, Repositions Failed 178-Unit Unfinished Condo Project in St. Petersburg, FL

 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, (top right photo)  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.

Contacts: 
Jane Grant, (954) 776-1999, ext 224, jgrant@piersongrant.com
Marielle Sologuren, Pierson Grant Public Relations, 6301 Northwest 5th Way Suite 2600
Fort Lauderdale, FL 33309, v. (954) 776-1999 ext. 226, f. (954) 776-0290
msologuren@piersongrant.com, http://piersongrant.com/