BFC Partners, The NHP Foundation (NHPF) and St. John Fruit Belt CDC have closed on Towne Gardens, located at 440 Clinton St. in East Buffalo, N.Y., purchased out of foreclosure from The Federal National Mortgage Association (Fannie Mae) for $21.7 million. The 360 residential units in the project-based Section 8 community are slated for revitalization, with a total development cost of $120 million.
The purchase of the 18.1-acre site comes a year after BFC Partners closed on the adjacent Towne Gardens retail plaza for $1.35 million. This large-scale project will establish a critical mass of mixed-income housing and mixed-use retail.
“BFC Partners is deeply committed to improving the quality of life for these residents,” said Rob Sanna, director of preservation at BFC Partners. “Over the past couple of years, we have done extensive work in East Buffalo and are thrilled to continue in the city with this transformative project. Our firm is investing $2 million for imm
