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A real estate investor in Los Angeles has bought the Holiday Inn Buffalo International Airport for $3.7 million. Avi Perets – through DSM California LLC – purchased the 5.2-acre property at 4600 Genesee St. in Cheektowaga from an affiliate of LNR Partners. The Miami Beach, Fla.-based special loan servicer had taken possession of the hotel for $1 million in

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Acres Capital, the Long Island firm that loaned $36.3 million to the developers of the Monarch 716 student-housing complex, has formally taken possession of the facility on Buffalo’s West Side after the former owners defaulted. Acres, of Westbury, N.Y., completed its $14 million “paper” purchase of the 10-building complex at 100 Forest Ave. on Tuesday, just two months shy

The former owners of the Monarch 716 student-apartment complex – that is, the two individuals behind the company – now personally owe the lender more than $26 million. That’s the gap between the appraised fair-market value of the 592-bed property – what it’s expected to fetch in a sale – and the total debt owed on it to Acres

The Monarch 716 student-housing complex that was seized by the lender in a foreclosure last year will be going on the block next month to satisfy the $44 million debt that remains on the property. The 592-bed complex at 100 Forest Ave. will be publicly auctioned in the foreclosure alcove of Erie County Hall in downtown Buffalo at 10

Fannie Mae is seeking to foreclose on the Towne Gardens residential community just east of downtown Buffalo after its Brooklyn-based owner defaulted early this year on an $11.5 million loan. According to documents filed in state Supreme Court in Erie County, the national mortgage finance company – known as a government-sponsored enterprise – is asking to seize the 360-unit

The lender behind the Monarch 716 student-housing complex on Buffalo’s West Side has started foreclosure proceedings against developer DHD Ventures of Rochester, seeking to seize the troubled property and even go after DHD’s two principals personally. Acres Capital, which acts as an agent and adviser for three insurance companies, filed the first foreclosure paperwork Tuesday in State Supreme Court

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Clarence construction contractor and developer Paul Bliss has completed his acquisition of the Buffalo Airport Inn in Lancaster following a foreclosure auction several weeks ago. Bliss, owner of Bliss Construction LLC, paid $1.35 million to buy the 88-room motel from Harjinder K. and Kabal S. Virk, through Singh Lodging Inc. Following the deal, he closed the motel, while he

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The vacant former Dick’s Sporting Goods store on Meyer Road in Amherst has been taken over by the lender following a foreclosure auction. U.S. Bancorp, as trustee for the investors who own the commercial mortgage-backed security that held the loan on the property, acquired the 55,826-square-foot big box retail store at 281 Meyer from Spirit DK Amherst NY LLC,

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