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CityCenter announces financing program to boost condo sales
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DUANE PROKOP/LAS VEGAS REVIEW-JOURNAL
Private National Mortgage Acceptance Company will be a lending resource for buyers of condominiums and condo-hotel units at CityCenter’s three residential offerings, Vdara, Veer Towers and the Mandarin Oriental. » Buy this photo
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LAS VEGAS REVIEW-JOURNAL
Updated: Dec. 9, 2009 | 4:37 p.m.
In an effort to close sales of its 2,400 high-rise condominiums, developers of the $8.5 billion CityCenter project said this morning it has selected a national mortgage company to finance purchases.
Also, MGM Mirage and Dubai World, which are 50-50 partners in CityCenter, will provide a seller financing program to well-qualified buyers.
Private National Mortgage Acceptance Company, known as PennyMac, will be a lending resource for buyers of condominiums and condo-hotel units at CityCenter’s three residential offerings, Vdara, Veer Towers and the Mandarin Oriental. PennyMac will also administer the seller financing program.
"PennyMac will be a resource to help our customers to assess their financing options and assist them with the closing of their purchase," CityCenter Chief Executive Officer Bobby Baldwin said in a statement.
Roughly 1,100 of CityCenter’s condominiums and condo-hotel units have been reserved with sales expected to begin closing in January.
Potential buyers were required to put down 20 percent of the purchase prices that ranged from $500,000 for studio-sized units up to $9 million for the penthouse suites atop Mandarin Oriental.
PennyMac, which will coordinate loan origination, has partnered with Nevada-based Evofi One, as an origination provider. The seller financing program will include both a fixed rate and a variable rate option.
In October CityCenter announced a 30 percent price reduction in its condominiums. Buyers who accept the price reduction will also agree not to list their units for resale for at least 18 months.
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steven m must be a u f o like all the rest of ash tray cleaners from manila scum of the earth
Closer..hot spot for the next 10 years.. sounds like the same hype that was pushed to the LV real estate market overall and not just the high rollers. The problem I have with that is it ignores the global marketplace and the fact that casinos (unlike the city of LV) understand they need to diversify. That is why casinos are popping up in places like Dubai.. they arent sitting back betting their entire fortune on LV. This city center and high priced retail stores are obviously not there for the local shoppers, but does their target market support the effort? not sure, LV doesnt control the market like they once did, and sooner they figure that out the better
ALL FLIPS SMELL LIKE ROTTEN LUMPIA