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Buffalo

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 s…

Buffalo

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 Capital. Following the court-ordered fore…

Buffalo

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 a.m. on April 8, according to an orde…

Buffalo

Plans to convert the former AM&A's building downtown into a Wyndham Hotel with two restaurants and a nightclub are in flux after the developer allegedly missed a deadline to make a roughly $2 million final payment on its mortgage. As a result, the downstate real estate firm that holds the mortgage on the AM&A's Department Store complex in downtown Buffalo is now…

Buffalo

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-u…

Buffalo

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 T…

Business

The McKinley Mall is in financial trouble. The owner of the McKinley Mall is at risk of "imminent monetary default" on the largest piece of a $35.5 million commercial mortgage, according to a special bulletin just issued by national debt research firm Fitch Ratings. The email alert by Fitch and a subsequent notice from commercial real estate advisory Trepp warned inv…

Business

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, whil…

Amherst

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, an affilia…

Business

There's an extra $200,000 in the pockets of Paul Michael Bliss, and he's certainly not complaining. The Clarence construction contractor and developer won Thursday's court-ordered foreclosure sale for a Lancaster hotel — just one week after he nearly paid significantly more at a public auction for the same property. With his bid of $1.35 million, Bliss gained the rig…