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Mortgage holder finalizes ownership of prime Clinton Crossings buildings
AC 39 LLC, an affiliate of Abinger Capital, has gained ownership of three properties formerly part of the Anthony J. Costello Development portfolio. (Photo by Kevin Oklobzija)
AC 39 LLC, an affiliate of Abinger Capital, has gained ownership of three properties formerly part of the Anthony J. Costello Development portfolio. (Photo by Kevin Oklobzija)
Mortgage holder finalizes ownership of prime Clinton Crossings buildings
Listen to this articleA New York City-based real estate investment firm that targets financially distressed properties has assumed ownership of the prime portion of Clinton Crossings medical office complex in Brighton.
Abinger Capital, through AC 39 LLC, had submitted the only bid at its own November foreclosure auction for three parcels at the medical office park: 919 Westfall Rd., 979 Westfall Rd. and 2280 S. Clinton Ave.
As the successor to Wells Fargo Bank, N.A., AC 39 LLC was the mortgage holder. The property transfer was finalized in March and the deed was filed Tuesday with the Monroe County Clerk’s Office.
The parcels include buildings A, B, C and I, ancillary lots and a portion of the parking area. The property features a host of medical tenants.
Clinton Crossings was built by Anthony J. Costello & Son Development in the 1980s. Anthony J. Costello died in 2016. Like many of the developer’s properties, the Class-A medical office park became the subject of protracted foreclosure proceedings initiated by Wells Fargo in 2019.
Two other prominent Costello developments, City Gate and the upscale housing community The Reserve in Brighton, also were sold in the past three years following foreclosure filings. Both are now operating as the developer once envisioned.
Clinton Crossings fits perfectly into Abinger Capital’s acquisition strategy. The firm primarily invests through direct asset purchases as well as the purchase of distressed notes from lenders.
Anthony J. Costello & Son (Maria) Development, LLC; Anthony J. Costello & Son (Janine) Development, LLC; Genesee Valley Associates (Building C), LLC; and the Estate of Anthony J. Costello were defendants in the foreclosure filing by AC 39 LLC.
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