SLS Brickell Gains Fannie Mae Conditional Approval, Pays Off $157 Million Construction Loan
After opening in October, SLS Brickell has already paid off the $157 Million construction loan they obtained in 2014. The closings are steaming ahead, passing an average of 40 new keys to unit owners per week.
According to Sonia Figueroa, the Senior Vice President of Development with The Related Group, most of the transactions have been all-cash, with a handful of mortgages being issued. Now that the project is over halfway closed out, they were able to obtain their Fannie Mae conditional approval with the final approval expected soon.
Initially there was a fear that the building would not garner the approval, Figueroa said. The underwriters from Fannie Mae believed that the project was a condo/hotel, which does not fit Fannie Mae guidelines. After a personal tour of the property, they were able to see that the building is the SLS Residences with a hotel on property, but the two are separate entities in the same building. The approval was issued and now we will have a much easier time finding mortgages for buyers in the project.
SLS Brickell has been a wild success for Related Group. They have sold all but two of the 450 units, with the two units remaining being penthouses. The resale market has been extremely active, with 22 units on the market priced between $415,000 for a 26th floor 1 bedroom up to $1.7 million for the penthouse. The rental market has taken off as well with 57 units coming to market as of today. Nine of those have already found tenants and four have moved-in. The 48 remaining rentals range from $1,900/month for a 21st floor 1 bedroom up to $10,000/month for a designer-furnished 3 bedroom on the 35th floor.
If you are thinking to move to the building, feel free to contact us for a tour.