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Fannie Mae forecloses on Towne Gardens

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Fannie Mae has taken control of the Towne Gardens low-income
housing complex east of downtown Buffalo, more than three years after the former owner defaulted on a mortgage.

The government-sponsored entity – formally the Federal National Mortgage Association – completed a $16.4 million foreclosure of the 360-unit subsidized property at 161 Hickory St. and 407-409 William St., after placing the highest bid at a foreclosure auction.

The foreclosure will not affect tenants.

The sprawling 22.61-acre complex – which also has a 440 Clinton St. address – had previously been owned by Moshe M. Florans of Brooklyn and his Towne Gardens LLC, which acquired it at a previous foreclosure auction in February 2007 for $4.8 million. Florans had borrowed $11.5 million from Arbor Commercial Funding in a 10-year mortgage in December 2007, with the remaining principal and interest due by Jan. 1, 2018. As of late 2017, he owed $9.8 million, plus interest, late fees and other unspecified sums, according to documents filed at the time in State Supreme Court in Erie County. Young Development

Most of the commercial development will take up 5 or 6 acres in front, with the residential behind it.

Dopkins succession

The managing partner of accounting firm Dopkins & Co. has acquired
the firm’s headquarters on International Drive in Amherst. Thomas R. Emmerling, through 200 International Drive LLC, paid $1.787 million to buy the white building at 200 International Drive from Dr. Leslie Dopkins Doolittle of Leonard A. Dopkins LLC. Emmerling has been a partner at the firm since 1980, and leads the company.

The 27,069-square-foot building was constructed in 1982 and sits on 3.82 acres, with 102 parking spaces.

Camp Pioneer

A Christian campground and event facility in the Town of Evans that closed a year ago after 75 years in operation has been sold to a Lutheran church in Pennsylvania, which plans to maintain the religious mission of the site and reopen a new summer camp.

Concordia Lutheran Ministries of Cabot, Pa., bought the 65-acre Camp Pioneer & Retreat Center at 9324 Lake Shore Road from the Eastern District of the Lutheran Church-Missouri Synod for $1.59 million.

Concordia then hired a separate organization called Friends of Pioneer, which will reopen a new Lutheran camp on the site called

In other deals:

• EAR Equities LLC of Williamsville bought a home at 110 Galileo Drive in Amherst from Stacy Lynne Fineberg for $1.5 million. Fineberg is married to Dr. Marc Fineberg of UBMD Orthopedics & Sports Medicine, who is also the team physician for the Buffalo Bills and Sabres.
• An affiliate of Realty Income Corp. of San Diego, through MDC Coastal 1 LLC, bought a Dollar General store at 663 E. Ferry St. from an affiliate of CIM Group of Phoenix, through ARCP DG Buffalo NY LLC, for $1.39 million. CIM is an owner, operator, lender and developer, while Realty Income – known as the Monthly Dividend Co. – is a real estate investment firm.
• Gateway Harbor Center of Kenmore paid $825,000 to buy 345- 347, 349 and 363 Delaware St. and 20 Elgin St. in the City of Tonawanda from Jeffrey R. Williamson’s 363 Delaware St LLC of Tonawanda. The 2.6-acre property includes two buildings totaling 24,374 square feet of space, with an eye care clinic, a pet shop and parking. The buyer is registered to the address of P& D Construction.
• Westmatic Properties Corp. bought 999 Harlem Road and 2421 Clinton St. from Sixesses LLC of Frewsburg, N.Y., for $810,000. Westmatic, founded in Sweden, makes large vehicle wash systems for buses, trucks and trains, and has operations in the United States, Canada, Norway and Australia.

 

Young Development of West Seneca completed its $5.5 million
purchase of 33 acres of land along Transit Road in Cheektowaga, where it wants to construct a $45 million mixed-use project.

The developer bought the agricultural land at 6386 Transit from the Lorenz family, which had owned it for generations. The site –
which used to house contractor Lorenz & Sons – is located across from a Tops Market plaza, south of Genesee Street and Salvatore’s Italian Gardens restaurant.

Bryan and Joseph Young previously unveiled plans for 250 apartments, 52 town homes and a grocery store on the site. The father-and-son development team are proposing to put up more than 20 structures, including multiple apartment buildings, two drive-thru restaurants, a store, a community clubhouse and the for-sale townhouses.

Pioneer on the Lake, according to a memo posted on the camp’s Facebook page from Pastor Chris Wicher, president of the Eastern District. It will offer summer camping, weekend retreats and outdoor programming for families and church groups, with lodging, meeting halls, food service and recreational activities.

Both Concordia and Friends of Pioneer are “recognized service organizations” of the Lutheran Church, but are independent from the Eastern District, which will not have any “responsibilities or obligations” to the new camp, Wicher said.
“This transaction has been a ‘win’ for everyone – for the Eastern District, for Pioneer Camp and Retreat Center Inc., and for the two Recognized Service Organizations that now own and operate the new camp,” Wicher said.

The company has installed over 3,000 systems in more than 15 countries. Its U.S. division was formed in 2005, with a facility built in 2008 in Buffalo, where its U.S. design and production operation is based.

• Vicky S. Ghotra of Sterling Heights, Mich. – through 416Homez Inc. – bought a sixunit brick apartment building at 18-22 Maple Grove Ave. and 128 Colton Ave. in Lackawanna from J& C Properties for $800,000.

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