n October, CityCenter announced it had cut condo prices by 30 % because of falling values in the market and to help buyers secure financing. It has named Private National Mortgage Acceptance Co. to serve as a lending resource for condominium and condo-hotel units. The firm known as PennyMac will assist buyers in arranging financing.
In addition, CityCenter will provide seller financing to well-qualified buyers in a program also administered by PennyMac. Through its subsidiaries, it will coordinate loan origination, servicing and secondary market activities, according to CityCenter officials. PennyMac has partnered with Evofi One, a Nevada-based lender, as an origination provider.
The seller-financing program will include both a fixed rate and variable rate option, officials said. With the assistance of PennyMac, CityCenter has developed a program that takes both the buyer’s financial standing and their purchase into consideration when determining loan terms, officials said.
CityCenter closings are scheduled to begin in January for the buyers of 227-unit The Residences at Mandarin Oriental. Veer Tower closings for its 670 residences will start in February and Vdara condo hotel closing will start in March.