Fannie OKs loans for Miami condos without parking
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.
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.