Le Parc, a luxury condo tower in the Brickell neighborhood, has received conditional Fannie Mae approval in an attempt to open the project to local buyers.
Qualified buyers at Le Parc can now purchase units with as little as 10 percent, sales director Jacqueline Regnault of Cervera Real Estate told The Real Deal. Cervera is handling sales for Le Parc, a 12-story, 128-unit tower.
The project, which is slated for delivery in mid-April, is 88 percent sold, Regnault said. About 15 units remain, ranging from about $390,000 to nearly $825,000. Le Parc, at 21 Southwest 15th Road, overlooks Simpson Park and is next to Atton Hotel.
Le Parc followed the 50 percent deposit structure. The loan program, backed by the federal government, is only available to domestic buyers. “Now, since we’re close to delivery, we’re requiring 30 percent down. But for [qualified] local buyers, it’s as low as 10 percent,” Regnault told TRD.
The project joins a handful of developments in South Florida that have recently received Fannie Mae approval. Canvas, a condo tower in Miami’s Arts & Entertainment District, and Metropica, a master-planned community in Sunrise, both received conditional approval over the last two months. Once Metropica receives final approval, buyers will be able to purchase qualifying residences with as little as a 5 percent down payment on primary residences, 10 percent for second homes and 20 percent for investors, the developers said.
And in early 2015, the developers of the Crimson in Miami’s Edgewater neighborhood also received Fannie Mae approval, in anticipation of a drop in foreign buyers looking to buy Miami condos.
Le Parc marks the first project in Brickell to offer Fannie Mae mortgages. Units feature designs and furnishings inspired by Ligne Roset. Alta launched sales for the condo tower in 2013.