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CityCenter to offer Financing for New Condominium Units

Posted by Paul Francis on Wednesday, December 9th, 2009 at 3:52pm.

Financing Uncertainties for CityCenter clearing up

Difficulties of obtaining financing for other Las Vegas High Rise Condominiums creates opportunity for developers of City Center Las Vegas to sell more units.

city_center_las_vegas_construction_10.2009_589LAS VEGAS (AP) — Developers of the $8.5 billion CityCenter casino complex say they will offer seller financing to buyers of condominium and condo-hotel units at the development on the Las Vegas Strip.

CityCenter says lending firm Private National Mortgage Acceptance Company LLC, also known as PennyMac, will administer the financing program and also could lend to buyers.

The program comes after CityCenter owners MGM Mirage and Dubai World said they would reduce prices by 30 percent on the 2,440 units to help buyers close.

The units are spread across four towers on the 67-acre development.

Bobby Baldwin, chief design and construction officer for Las Vegas-based MGM Mirage, told gambling regulators last month that more than 1,400 of the units were under contract.

Paul Francis, CRS
Prudential Americana Group – Realtors®

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