Brickell Flatiron scores Fannie Mae approval and lowers deposits

Miami /
Mar.March 22, 2019 11:30 AM

Rendering of Brickell Flatiron and Vanessa Grout

As CMC Group prepares to deliver Brickell Flatiron by the end of the summer, the developer is easing deposit requirements to attract more U.S. buyers.

Ugo Colombo’s CMC lowered the minimum deposit to 30 percent, down from the market’s standard of 50 percent, and announced the Miami project received conditional Fannie Mae approval, which makes it easier for domestic buyers to secure conventional financing.

Brickell Flatiron, a 64-story, 527-unit luxury condo tower at 1001 South Miami Avenue, is 87 percent sold, according to a release. Sales so far total $475 million, Vanessa Grout, president of CMC Real Estate, said. Remaining units range from about $490,000 to $2.5 million, with one penthouse left asking about $8 million. Fortune International Group is handling sales.

“We’re getting a lot of local buyers who are relocating from neighboring older buildings and buyers from higher tax states,” Grout said. U.S. buyers have purchased units totaling $290 million in sales since the project launched in 2014.

“Most domestic buyers find us on the internet,” Grout said, adding that a substantial portion of the project’s marketing budget is spent on online advertising.

In 2017, CMC took out $236 million in construction financing, including $138.3 million from Bank of the Ozarks (now called Bank OZK), for Brickell Flatiron. Grout said the developer will have sufficient sales closings to cover the loan once the building is delivered, which was a factor in the decision to lower deposits.

Developers with few remaining units are often easing deposit requirements as they complete their buildings. The Related Group, Melo Group and NR Investments have all done so for projects in Brickell, the Arts & Entertainment District and other parts of Miami.

Brickell Flatiron, which was designed by architect Luis Revuelta, will be among the tallest towers in Miami at 736 feet. The condo tower will feature interiors by Massimo Iosa Ghini of Italy’s Iosa Ghini Associati and amenities that include a rooftop spa, pool and gym, a theater, billiard and cigar room and a wine cellar.


Related Articles

arrow_forward_ios
Michael Stern and a rendering of the project (Getty, JDS Development/SHoP Archictects)

Michael Stern pays $9M for future site of 62-story Brickell tower

Michael Stern pays $9M for future site of 62-story Brickell tower
Nick Rojo and Jeff Burns (Affiliated, iStock)

Affiliated Development launches $125M workforce housing fund

Affiliated Development launches $125M workforce housing fund
Major Food Group's Jeff Zalaznick and the Design District location (iStock)

New York restaurateur Major Food Group to open three concepts in Miami

New York restaurateur Major Food Group to open three concepts in Miami
Tom Cabrerizo and 6790-6880 Southwest 80th Street (Google Maps)

Developers score $15M construction loan for Miami townhouse development

Developers score $15M construction loan for Miami townhouse development
Triton Center (iStock)

Questions surround $50M in EB-5 investments tied to former INS building: lawsuit

Questions surround $50M in EB-5 investments tied to former INS building: lawsuit
Michael S. Liebowitz and Russell Galbut (Linkedin)

Russell Galbut and partner launch blank check company, plan to raise $100M

Russell Galbut and partner launch blank check company, plan to raise $100M
Southland Mall, 20505 South Dixie Highway in Cutler Bay with JLL's Tom Hall and Danny Finkle (Google Maps, JLL)

Southland Mall’s troubled $65M CMBS loan for sale

Southland Mall’s troubled $65M CMBS loan for sale
Alan Ojeda and 8894 NW 44 Street in Sunrise (Google Maps)

Rilea Group scores $46M construction loan for Sunrise apartments

Rilea Group scores $46M construction loan for Sunrise apartments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...