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Downstate affordable housing firms buy two Buffalo apartment complexes for $8.4 million

A pair of downstate affordable housing specialists have acquired two low-income senior housing complexes in Buffalo for more than $8 million from the holding company for the estate of Frank L. Ciminelli.

RM & PSG Housing Development Fund Corp. and RM & PSG LLC on Monday paid $4.4 million for the Niagara River Basin Apartments at 24 Hertel Ave. and another $4 million for the Piotr Stadnitski Gardens at 100 Beck St.

The properties were owned by corporations under Ciminelli Properties and were managed by Ciminelli Real Estate Corp.

Niagara River Basin is a 12-story complex with 110 units along the river. The 92,584-square-foot block building was constructed in 1977 on 3.03 acres.

Piotr Stadnitski Gardens is an 11-story building with 101 independent-living apartments for the elderly and disabled, plus surface parking. The 84,467-square-foot complex was constructed in 1978, on 1.77 acres.

Niagara River Basin Apartments was also acquired by downstate investors.

The buyers are registered to the Long Island address of MDG Design & Construction, a Huntington Station, N.Y.-based real estate firm that develops, constructs and manages affordable housing, particularly in New York City and Long Island. Founded in 1988 by Michael T. Rooney, the firm specializes in new construction and "moderate rehabilitation" of apartment buildings, and has "created or preserved" 17,000 units of housing in over 750 buildings with nearly $1.6 billion in construction and development value, according to its website.

MDG calls itself "the foremost rehabilitator of occupied housing" in New York City, having renovated 13,400 units for more than $1.4 billion. The firm also operates Metropolitan Real Estate Development, its development arm, and Concord Management of NY, its property management division.

MDG is also working with Timothy Henzy, a co-founder, principal and owner of Smith & Henzy Advisory Group, a boutique firm that helps nonprofits and private developers with affordable housing projects. The firm has focused for the last eight years on advising, financing and developing housing in New York, New Jersey, Florida, Texas, Chicago, California and Washington, D.C., according to its website.

Henzy has previously worked in affordable housing finance and development at Rockabill Advisors, Alliant Asset Management Co. and the Sheldrake Organization. Over the past eight years, the website says, he has been involved in developing or preserving more than 4,000 units in New York state using $174 million in tax credit equity, $211 million in construction funds and $300 million in tax-exempt bond financing.

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