Racanelli completes Super Storm Sandy related project for People's United

Racanelli Realty Services completed a major assignment for People's United Bank which involved the construction management and oversight of a 42-unit multifamily property located on the waterfront at 60 Front St. The property had been damaged by Super Storm Sandy. Serving as the bank's representative, Racanelli's role was to oversee the disbursement of insurance proceedsfor the renovation of the project and protect the bank's interests through the ongoing bankruptcy proceedings.Racanelli Realty, which has been handling brokerage and property assessment assignments on various properties for the bank, was specifically sought after by People's United Bank for this particular assignment. In fact, the bank insisted that the bankruptcy court approve Racanelli for this particular assignment given the complexities of the project. Racanelli president Anthony Racanelli, who was hands-on in this assignment for People's United Bank, said, "We were involved in all aspects of the process of reconstructing the property, overseeing the bank's release of funds for the construction work, and being present in U.S. Bankruptcy Court for the proceedings. It was our goal to make certain the construction work proceeded on-time and on-budget under the direction supervision of our construction principal, Eugene Racanelli. We also were diligent in making certain that the insurance proceeds were used solely for their intended purposes." Racanelli Realty was awarded the assignment in the fall of 2012 and ushered the transaction through the successful completion and sale of the project in March 2014. At the completion of the job the property was sold, the bankruptcy was closed and People's United Bank was able to recover in excess of its outstanding loan amount.