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Washington developer Douglas Jemal has completed his previously disclosed purchase of the foreclosed commercial mortgage loan on the Hyatt Regency Buffalo hotel, giving him the inside track to controlling yet another major piece of downtown Buffalo.
Jemal did not say how much he paid the special loan servicer, Miami-based LNR Partners, which would use those proceeds to pay off the investors holding the $20.5 million securitized loan.
But according to a report from industry research firm Trepp LLC, the loan âwas resolved with a bigger-than-expected lossâ of $10.8 million. Thatâs more than half of the balance that was owed by the owner, Buffalo-based Snyder Corp.