The Real Deal Miami

Fannie OKs loans for Miami condos without parking

The approval applies to loans to buy units at Centro, a new downtown condo near mass transit

August 27, 2016 12:00PM

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The rooftop pool deck at Centro

The rooftop pool deck at Centro

Fannie Mae approved mortgage loans to finance the purchase of unsold units at Centro, a new 40-story condominium in downtown Miami built without parking spaces.

The developer, Newgard Development Group, has obtained a temporary certificate of occupancy for Centro, and fewer than 30 units at the 352-unit, loft-style condominium remain unsold.

Fannie Mae approval means qualified loan applicants can make down payments as low as 5 percent on mortgages to buy condos at Centro. Interest rates for mortgages conforming to Fannie’s standards start at about 3.45 percent. Loan amounts are limited to  $417,000.

Prices for Centro units range from the mid $300,000s to the $500,000s. The units have 10-foot ceilings and floor space ranging from 654 square feet to 1,131 square feet.

Newgard was able to build the condominium without parking, thus less expensively, because Miami zoning rules permit such developments if they are near mass transit service.

Centro’s central location at 151 Southeast 1 Street is near multiple mass transit options, including the Metrorail and Metromover lines. Residents of Centro can choose to rent vehicle parking spaces a block away, and Newgard will support the first year of parking fees.