By Erika Schnitzer, Associate Editor Purchase, N.Y—The Greater Westchester NY/CT regional office of NorthMarq Capital Inc. has arranged $26 million in first mortgage refinancing for three apartment buildings, totaling 444 units.Ridgefield Apartments (pictured), a 262-unit property located in Middletown, Conn., was refinanced at $13.75 million. Hamden Ridge Apartments, a 135-unit community, was refinanced at $9,732,500, and Jefferson Arms, a 47-unit property, was refinanced at $2,517,500. The latter two properties are located in Hamden, Conn.Financing was based on a 10-year term, plus one-year fixed to float, with five years interest-only on a 30-year amortization schedule thereafter.Robert W. Ranieri, senior vice president…

By Keat Foong, Executive EditorNew York—The New York Housing Conference and the National Housing Conference held their 35th Anniversary Awards Luncheon here at the Marriott Hotel with remarks by special guest New York City Mayor Michael Bloomberg. The Special Recognition Award was given to New York City Housing Authority Chairman Tino Hernandez and General Manager Douglas Apple. Peter Fine, principal of the Atlantic Development Group, received the Housing Developer Award. Bloomberg affirmed that the city will adhere to its New Housing Marketplace Plan, despite the difficult economic environment. “We are not walking away from the commitment,” he said. Bloomberg said…

By Erika Schnitzer, Associate EditorMoscow, Russia—yoo, a London-based international branding, design and investment property company, has announced plans for the premier of its Eurasia Tower, a mixed-use tower comprised of 146 condominiums and approximately 360,000 sq. ft. of office space, in April 2009.“The Russian development market is quite unique in the sense that there hasn’t been much development in many years and now there’s a flurry of activity,” John Hitchcox, founder and chairman, yoo, tells MHN.The company’s first project in Russia, the 66-story Eurasia Tower, is part of the approximately $7.5 billion to $10 billion Moscow City International Business Centre,…

By Teresa O’Dea Hein,, Managing EditorSan Diego–More than 1,100 industry professionals recently attended the San Diego County Apartment Association (SDCAA) 15th annual Mark of Excellence awards ceremony, where more than 80 awards were presented. Michele Champion, SDCAA Director of Education and Events, tells MHN that nominations and attendance at the awards ceremony were both up this year. Furthermore, she adds, “Over the last several years, I’ve noticed that people have become more professional and more set on getting industry credentials and certifications. There is also a greater awareness of multifamily trends outside their individual properties, as well as the need…

By Erika Schnitzer, Associate EditorBridgewater, N.J.—SK Properties has secured more than $170 million in construction financing for three apartment communities, or 845 units, in N.J. and Penn.The loans included $107.5 million for 225 Grand (pictured), a 12-story, 348-unit rental building in Jersey City, N.J. SK Properties is developing the building in a joint venture with Applied Development Company. Financing was for a three-year term and placed with PNC Bank, who served as the lead lender, TD Banknorth, Capital One and Commonwealth Bank Group.In Penn., SK Properties secured a $46 million loan for Centronia Road Apartments, a 26-building, 364-unit, garden-style apartment…

By Erika Schnitzer, Associate EditorWashington, D.C.—Coinciding with the 40th anniversary of the Fair Housing Act, the National Commission on Fair Housing and Equal Opportunity has released its findings and recommendations from a six-month long investigation into the state of fair housing in the United States.The Commission reports that although there are about four million fair housing violations each year, fewer than 30,000 complaints were filed with HUD in 2007. Of these complaints, only 31 charges were prosecuted last year. Hosted by the Leadership Conference on Civil Rights Education Fund (LCCREF), the Lawyers’ Committee for Civil Rights Under Law (LCCRUL), the…

By Teresa O’Dea Hein, Managing EditorChicago—Nearly 60 percent of renters surveyed say they are celebrating the holidays more frugally this year compared to last by trimming holiday budgets more than half for gifts, travel and entertainment. A recent survey by Apartments.com also found that gift-giving budgets are taking the biggest hit, with renters planning to spend 69 percent less this year than in 2007 closely followed by travel at 64 percent less and entertainment at 63 percent less. “It appears people are spending smarter, given the state of the national economy,” Tammy Kotula of Apartments.com tells MHN. To conserve holiday…

By Keat Foong, Executive EditorWashington, D.C.—Home sales remain in a stable range despite the troubles in the economy, according to the National Association of Realtors (NAR).NAR’s Pending Home Sales Index, a forward indicator based on contracts signed in October, dropped 0.7 percent to 88.9 compared to September. It is 1.0 percent below October 2007. The indicator includes both single family homes and condos and coops. Nevertheless, Lawrence Yun, NAR chief economist, said “the overall level of pending home sales has been remarkably stable over the past year, holding in a generally narrow range.”  Yun suggested in a statement that there…

By Erika Schnitzer, Associate Editor Olmsted Falls, Ohio—Marcus & Millichap has retained the listing for Fawn Lake Apartments, a 288-unit community, for $12,585,000. The price represents $43,698 per unit, or $53.94 per sq. ft.Gary Cooper, vice president investments and director, and Ben Baker, senior associate and associate director, both of Marcus & Millichap’s National Multi Housing Group in Cleveland, are representing the seller, an investment partnership based in Northeastern Ohio.The 233,328-sq.-ft. rental community is comprised of 11 buildings on 17.35 acres. Fawn Lake Apartments offers one-, two- and three-bedroom residences, with community amenities that include a clubhouse, party room, swimming…