Archives

June, 2017

REO Strategy for Sportsplex Stabilization in Feasterville, PA

We scored big on our latest REO stabilization project at the Sportsplex in Feasterville, PA.

 

 

 

 

 

 

 

 

 

 

 

 

 

The sports complex with regional prominence used for both adult and youth sports had seen better days.  AthenianRazak got the assist by transitioning the complicated facility ownership to a stable management team, streamlining their business operations and preparing the property for sale.

 

The Sportsplex is approximately 87,000 square feet. The property includes 3 basketball courts, 2 floor hockey courts with spectator seating and food stand, 16 outdoor tennis courts, an outdoor pool, a rhythmic gymnastics team, a daycare/playground, and other smaller spaces for potential new sports. All courts are multi-purpose and serve many types of sports including an annual women’s roller derby! Notable local sports legends frequent the facility and the Field Hockey team is coached by mom of Olympic athletes, Tina Reinprecht.

 

AthenianRazak handles REO Management for both commercial and residential properties all over the region including New Jersey, Pennsylvania and Delaware. In the case of the Sportsplex, we worked with them on Property management and stabilization, secured cash flow, prepared an annual budget for the property and oversaw repairs and maintenance. The Sportsplex is now ready for sale and will be able to serve the Feasterville community for years to come.

City of Philadelphia’s Text to Give Campaign

This morning, Mayor Jim Kenney and representatives from the Managing Director’s Office and the Office of Homeless Services introduced a pilot program they’re calling “The Text to Give Campaign.” They are urging people to not give money directly to pan handlers at the vast amount of shared public spaces throughout the city including transit stations, plazas and streets, but donate money by sending a text message to the number 80077 and typing “Share.” The Office of Homeless Services will match each donation. Proceeds go to nonprofits that support housing, jobs and services for homeless.

 

This effort is particularly relevant now as AthenianRazak master leases the retail space owned by SEPTA in Suburban Station. Suburban Station is a significant public space and sees roughly 100,000 passengers pass through daily.

 

AthenianRazak supports this effort wholeheartedly. We are  part of a public-private workgroup comprised of more than a dozen leaders from the business, hospitality and civic communities who work the Mayor’s administration to strategize and take action to ensure that public spaces in Philadelphia can be utilized safely, comfortably and with dignity and respect.