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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 on Buffalo's West Side is now in the hands of the lender, which easily won Monday morning's foreclosure auction for the sprawling facility after fending off the owner of another nearby student dwelling that has been much more successful. Acres Capital will take possession of the 10-building complex after offering $14 million in no…

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

DHD Ventures, the Rochester-based developer that built the Monarch 716 student-housing complex near SUNY Buffalo State, has lost possession of its sprawling 15-month-old property on Forest Avenue. A state Supreme Court justice in Buffalo last week approved a request by the lenders on the project to foreclose on $38.8 million in mortgage debt, authorizing a court-appoint…

Business

The owner of the troubled Monarch 716 student-housing complex is finding himself on the outs after two Buffalo-based developers kicked him out of the partnership that developed a student dorm across the Genesee River from the University of Rochester campus. John Yurtchuk of Matrix Development Corp. confirmed that he and David Huck of Regent Development Co. "removed" Tho…

Buffalo

The owners of the troubled Monarch 716 student-housing complex near SUNY Buffalo State are trying to stave off an imminent foreclosure on their project, asking a judge in Buffalo to give them more time to negotiate "alternative financing" that would pay off their loans and liens on the property. Thomas Masaschi, one of the principals behind Rochester-based developer DHD…

Buffalo

There's new trouble for the owner of Buffalo's struggling Monarch 716 student-housing complex: A second similar large-scale complex aimed at a collegiate population is now embroiled in foreclosure. DHD Ventures – which is already facing foreclosure and numerous other financial, safety and public relations challenges in Buffalo – is now more than 90 days late on a $31.9 …

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…

Buffalo

Three more contractors have filed mechanics liens against the Rochester-based developer of a sprawling student-housing complex near Buffalo State College, asserting that it failed to pay more than $140,000 in past-due bills. Oneida Fence of Lancaster filed a lien for $67,453 in the Erie County Clerk's office against Buffalo State Ventures - the company set up by DHD Ven…

Buffalo

Troubles are mounting for the out-of-town developer of the Monarch 716 student-housing project on Buffalo's West Side, as the lead contractor on the project and two vendors have filed liens against the owner totaling more than $3.7 million. DHD Ventures, led by Thomas Masaschi of Rochester and Jason Teller of North Carolina, developed the 10-building complex over the la…