Spanish Palms gets approval for FHA financing

Spanish Palms, a gated condominium community at 5220 S. Rainbow Blvd. and Hacienda Boulevard boasts a successful sales records with more than 100 homes sold since April. Just this week, the community added yet another boon to its ongoing success via approval by the Housing and Urban Development Department to offer FHA financing to its buyers.

According to Uri Vaknin, a partner in KRE Capital, whose company, in partnership with Dune Real Estate Partners, purchased Spanish Palms in 2013 as DK Las Vegas, the company has worked hard to expand financing options for the community, first securing Veteran Affairs financing and now Federal Housing Administration financing, to bring the dream of home ownership to even more homebuyers in Las Vegas.

"The Las Vegas real estate market is one of the hottest in the country, but many quality buyers are left out with financing that requires down payments as high as 20 percent," Vaknin said. "FHA financing offers market rate interest with as little as 3.5 percent down to make home ownership a reality for many who otherwise would never qualify for traditional financing."

According to Camilo Rodriguez, senior vice president, The Federal Savings Bank, FHA financing confirms the health of a project as a primarily owner-occupied community while not limiting investment ownership opportunities.

"We are proud to help bring affordable financing to the Las Vegas community that will help to rejuvenate the real estate condominium market," Rodriguez said. "When we partnered up with DK Las Vegas to work on financing options for Spanish Palms, both of our groups believed in the community and together we implemented a strategy to make affordable financing a reality. We did this when the majority of the real estate industry did not think this would be possible. We're very excited to achieve this significant milestone."

Vaknin, whose real estate career spans nearly two decades, is best known in the industry for his expertise in relaunching and repositioning condominium communities. For Spanish Palms, expanding financing options was at the top of Vaknin's strategic approach to refreshing the community, and the addition of FHA financing is the pinnacle of that plan, he said.

"While the Las Vegas economy continues its recovery, Spanish Palms has led the charge. It's a true gem that offers a modern lifestyle, the perks of a maintenance-free condo lifestyle, lush landscaping and guard-gated security — all at an affordable price," Vaknin said. "Today, the community is more than 80 percent sold, and with FHA financing, we are confident Spanish Palms will be sold out in no time."

The community encompasses a total of 372 residences, of which 184 were sold before DK Las Vegas initiated its relaunch of Spanish Palms. Other Las Vegas properties within the DK Las Vegas portfolio include The Ogden Las Vegas and One Las Vegas, which Vaknin's team is actively marketing. In the coming months, DK Las Vegas will launch new marketing initiatives for Juhl and Loft 5, which is soon to be renamed.

Vaknin believes Spanish Palms' success is the result of a highly strategic plan to improve the overall property that included a new Central Park, a robust offering of upgraded amenities including attached garages that are typically not offered in condominium communities, modern and open floor plans for one-, two- and three-bedroom residences and most significantly, value pricing starting at $128,900s.

The guard-gated community boasts a round-the-clock attendant; two resort-style pools — one with a heated spa, the other with a cascading waterfall; poolside grills; clubhouse with full kitchen and dining area; fitness studio; business center; pet park; putting green with picnic and playground area; and easy access to the 215 Beltway, Interstate 15, McCarran International Airport and the Las Vegas Strip.

For more information on Spanish Palms, visit the sales center at 5250 S. Rainbow Blvd, No. 1055, open daily Monday through Friday from 10 a.m. to 6 p.m.; Saturday until 5 p.m.; and Sunday from noon to 5 p.m. Call 702-719-6100; or visit SpanishPalmsLV.com.