2008 Chapter News
June 24, 2008
Chapter House Sold
On June 9, the Alpha Delta Chapter of Pi Lambda Phi, Inc. (a.k.a. House Corporation) came to agreement with the Greek Housing Alliance on the sale of the property at 2000 North Broad Street. The chapter house has been sold.
The sale of the house was the culmination of a long process of deliberation. Selling the house that was so identified with many of our fraternal memories required the House Corporation to separate sentiment from practicality. This was in the best interest of the PA Alpha Delta Chapter.
The House Corporation entertained a number of offers from prospective buyers, including a restaurateur and Temple University. Subsequent offers and counteroffers resulted in a final sales price of $775,000, nearly twice the appraised value of the house.
There were many contract contingencies that could have prevented the sale of the house, including L&I judgments and nearly $150,000 in liens. The house had to be sold in “as is” condition.
Fred Brehm, Esq., president of the house corporation, represented the chapter at all meetings and negotiations. He was in constant communication with the board of directors, including Jim Kelsh, Jeff Frake, and David McDonnell, as well as the alumni association Executive Board.
Jerry Balka ‘51, advised the House Corporation throughout the process and was instrumental in handling some of the more complex contingencies of the deal. He stated in a letter to Fred, “I congratulate you on getting the Chapter House under Agreement of Sale and getting the Agreement to settlement. You did a tremendous job and everyone in the Fraternity should know it.”
After satisfying all debt and liens against the house, the House Corporation deposited the proceeds of the sale, just over $650,000, into a money market account. In 2010, when the chapter is reestablished, the corporation will be in a tenable position to provide for the housing needs of the brotherhood.
Executive director of Pi Lambda Phi, Gary Sanders, sent a congratulatory email to our alumni saying, “Close to two years ago, Mike, Jim, Stearns, Mahoney, Fred, and many others stepped up to the challenge. You cleaned house of the problem alumni and undergraduates. Took on the University, again. Built the alumni association. Handled the property issue, which netted more than anyone thought possible.”
“And, although sometimes things weren’t pleasant, we had fun. I know I’ve had a great time and got to know dozens of great Alpha Delta alumni. We still face some challenges. I know we’ll handle them in the same manner and accomplish whatever we set out to do. Soon enough we’ll be planning our comeback and showing Temple what they passed up.”
Now we look ahead to the future, building a new chapter based on the great traditions that have always made Pi Lam, “the house that leads.” With the chapter in transition, we need your support more than ever. Please consider sharing your ideas and experience by volunteering, joining a committee, or making a donation.If you have questions about the sale of the house, please contact Fred Brehm ‘84, President of the House Corporation or Mike Naegele ‘89, President of the Alumni Association.