Reichel Realty Execs Appointed As Receiver For Five Properties

June 1, 2010 - PRLog -- PALM BEACH GARDENS, FL – Reichel Realty & Investments announced that President Bill Reichel and Managing Director Peter J. Filomena have been appointed by the Courts as Receiver for five South Florida properties.
   Reichel is Receiver for Palm Court Plaza, 11011 U.S. Highway 1, a 50,000 square-foot office retail project in North Palm Beach.  Filomena is Receiver for three multi-family residential apartment properties, two in Boynton Beach and one in Fort Lauderdale, and for the Casa Loma Motel in Lake Worth.  
   Reichel Realty & Investments was retained to oversee day-to-day operation of the properties, as well as leasing and management of the office/retail project, Reichel said. Reichel Realty & Investments has a long track record in real estate workout services since the 1980s. The team has experience with more than $4.5 billion in distressed property sales and workouts, and provides a single-source approach for lenders dealing with challenging loan assets, Reichel said.
Filomena previously served as Receiver for the Whitney condominium in downtown West Palm Beach, overseeing completion of the 210-unit development on behalf of iStar FM, and for an affordable housing portfolio in downtown West Palm Beach on behalf of a local bank.  
Both executives have extensive experience with distressed real estate. Reichel has supervised more than $500 million in real estate owned (REO) sales and workouts at Reichel Realty and as part of the REO team at Sunrise Savings & Loan. Filomena had oversight of a $500 million portfolio of REO and non-performing commercial loans for Glendale Federal Savings Bank, was senior portfolio manager for real estate owned by the Federal Deposit Insurance Corporation (FDIC) in the eastern half of the U.S. and headed the REO division of Sunrise Savings & Loan.  
   For more information, visit www.reichelrealty.com.