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Howard Stutz

CityCenter announces financing program for condo sales

9 December 2009

LAS VEGAS, Nevada -- 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.