Downtown Miami’s Centro Condominium Is Now Fannie Mae Approved.
August 29, 2016
Qualified buyers can finance up to 95% of purchase price on 30 year-mortgage
at newly TCO’d property.
With less than 30 units remaining to be sold and residents beginning the move-in process, Centro, Newgard Development Group’s 352-unit loft-style condo located in the heart of downtown Miami, now has Final Fannie Mae approval through February 2018.
Qualified individuals have the opportunity to finance up to 95 percent of their purchase for Primary Residences, 90% for Second Homes, 85% of their purchase for Investment Properties and 75% for Foreign Nationals, for up to 30 years, all at what are still historically low interest rates, starting in the 3.45% range, depending on buyer-specific criteria.
The maximum loan on the residence cannot exceed $417,000.
Centro, located at 151 SE 1st Street, has remaining units priced from the mid $300’s to $500’s and ranging in size from 654 to 1,131 square feet.
“Securing Final Fannie Mae approval means that a buyer’s principal and interest on a unit at Centro can be extremely affordable and beyond-comparable to renting,” said Harvey Hernandez, chairman and managing partner of Newgard Development Group, the project’s developer. “With the affordability challenges in Miami, specifically within the downtown/ Brickell urban core, Centro becomes one of the area’s greatest values.”
While financially attainable, the project showcases high design. Yves Béhar, the acclaimed, award-winning designer and founder of Fuseproject, has infused visually-striking, sustainable designs with a modern, efficient, and integrated lifestyle.
“Centro provides a rare value proposition,” adds Hernandez, “luxury, high-tech design, within very attainable pricing and financing, something which is virtually unprecedented in today’s downtown/Brickell condominium market.”
The forward-thinking Centro project, built without in-building parking, is an ideal example of Downtown Miami’s emergence as a pedestrian-friendly district.
The savings from no onsite parking is being passed on to the consumer, who can then utilize downtown Miami’s mass transit options, including the Miami Trolley, Metromover and Metrorail.
Should a buyer wish to own a vehicle, they can rent spaces at the garage that is located a block away from the building, with the developer supporting the first year of parking fees.
Dotted with new shops and restaurants, such as PB Station – an offering from the renowned Pubbelly Restaurant Group – and located at the bottom of the newly-opened Langford Hotel, Centro is uniquely positioned at the heart of a rapidly evolving urban sector, which also includes major entities such as Whole Foods.
Building amenities are located on the top two floors of the building feature a rooftop pool; fully equipped gym & spa facilities; and two resident lounges complete with everything from theatre seating, co-working areas and even a ping pong table . Additional perks include a 24-hour reception desk.
Loft-style residences include one- and two-bedroom units with open-concept floor plans; dramatic 10-foot ceilings; floor-to-ceiling windows; and balconies with views of the city lights; contemporary interiors feature finished concrete floors; modern Italian kitchens, bathroom and light fixtures and stainless-steel, energy-smart appliances.