Icon Brickell has announced the reception of approval from Fannie Mae (FNMA) for Tower 2, activated on Dec. 14, 2010. Adding to the approval Tower 1 already has, this makes Icon Brickell in its entirety one of only five new luxury developments in downtown Miami with FNMA.
“This is but another seal of approval on the property, adding to the great successes our team has had since coming on board just six months ago,” says Edgardo Defortuna, president and CEO of Fortune International.
Icon Brickell condo - Image by Carlos Barria/Reuters/Corbis
The building is now open to not only portfolio lenders, but also national retail lenders, like Wells Fargo (the submitting lender for FNMA), HSBC, Regions, Citibank, Preferred Trust, etc.
Fannie Mae is aware that more properties are taken over by construction lenders, and closely watch to ensure their ability to sell and close units in order to offer their backing. HSBC, by choosing Fortune International, who developed their own properties, successfully sold out several South Florida condos, and received FNMA for its own developments Jade Ocean and Jade Beach, showcased proven success and instilled confidence for the approval at Icon Brickell.
“The impact of this FNMA goes beyond Icon Brickell. It is a testament to the market stabilization in Brickell, seen just before this approval,” says George Fraguio, end loan specialist at Fortune International.
Icon Brickell’s Tower 2 was 54% pre-sold as of Dec. 13, with 303 residences contracted, and of those, 255 units closed.