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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…

Amherst

Sharia-compliant lending has come to Buffalo – sort of. A student-housing complex in Amherst is part of a large international transaction, in which a Florida-based student housing management firm is partnering with an unidentified Middle Eastern investor that bought into properties in several states. Colonie Apartments, a 184-unit community at 2061 Sweet Home Road ne…

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

The Buffalo Planning Board Monday approved a $25 million project by surgeon-turned-developer Dr. Fadi Dagher to construct a five-story mixed-use building on a former motel site just north of the Buffalo Niagara Medical Campus. The proposal by Dagher's Cedarland Development, in conjunction with Utah-based student-housing developer Blackfish Investments, would feature 215…

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 student-housing developers behind a new planned project at Main Street and Hertel Avenue have been eyeing Buffalo for more than five years because, they say, it's been underserved by outside companies and much of what exists right now is not good quality. David Freeman, owner of Provo, Utah-based DFFusion Investments, said there's a need for better residential optio…

Buffalo

Construction is underway on the conversion of a former industrial complex on Main Street into a mixed-use student housing project, but the developer is modifying several elements of the plan. David Freeman's DF Fusion of Provo, Utah, is spending $30 million to redevelop part of the properties at 2929-2939 Main into 321 residential units for upper class and graduate stud…

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…

Buffalo

The Buffalo Planning Board on Tuesday approved a request by Utah developer to extend by six months the board's July 2017 approval for a proposed $30 million student housing project. David Freeman's DF Fusion Investments of Provo, Utah, plans to convert the former Keystone Corp. manufacturing complex at 2929-2939 Main St. into more than 300 units of graduate-student housin…

Buffalo

The Buffalo Planning Board on Tuesday will review a request by a Utah developer for a six-month extension of the board's July 2017 approval for a proposed $30 million student-housing project at 2929-2939 Main St. David Freeman's DF Fusion Investments of Provo, Utah, plans to convert Keystone Corp.'s former 4.4-acre, multi-building manufacturing complex into more than 30…