The Ogden approved for Fannie Mae financing

The Ogden, a 25-story condominium tower in the heart of downtown Las Vegas at 150 Las Vegas Blvd. North, has received approval from Fannie Mae to offer financing options as low as 3 percent down for eligible primary homebuyers. The Ogden is the only condominium building in Las Vegas, and the first since 2008, to obtain Fannie Mae PERS (Project Eligibility Review Service) final project approval. In addition to Fannie Mae, The Ogden also offers buyers Veterans Affairs guaranteed mortgages and in January is expected to offer Federal Housing Administration financing options — culminating in a triumvirate of mortgage financing options not typically available at a single property.

With more than 60 percent of residences sold at The Ogden and Fannie Mae financing now available, qualified buyers now have the opportunity to finance up to 97 percent of their purchase for first-time buyers, 95 percent for primary residences, 10 percent for second homes. Investor buyers can purchase with as low as 25 percent down. Previously, condo mortgages were typically adjustable rate mortgages, so with Fannie Mae approvals, Ogden buyers can now enjoy today’s low rates on 30- and 15-year fixed-rate mortgages.

According to Uri Vaknin, a partner at KRE Capital LLC, whose company, in partnership with Dune Real Estate Partners and Northcap, purchased The Ogden in 2013 as DK Las Vegas, Fannie Mae approval could not have come at a more perfect time considering the impending interest rate increases from the Federal Reserve.

“Smart buyers want to buy now to take advantage of today’s still historically low interest rates before they begin to rise, and at The Ogden, we have already seen an uptick in activity,” he said. “Access to Fannie Mae financing gives buyers the opportunity to purchase with unprecedented low down payments, expanding the reality of home ownership for more people who otherwise could only dream of buying a home.

“Bringing attainable mortgage financing back to the Las Vegas condo market was our foremost goal upon acquiring our Las Vegas portfolio,” Vaknin said. “Prior to the launch of sales at The Ogden, a condo buyer in Las Vegas had to either pay cash or make a down payment as much as 50 percent of the purchase price. Banks were not willing to finance condo purchases. Today, we are exceptionally proud of what we have accomplished at The Ogden.”

The Ogden was guided through the complex Fannie Mae approval process by its preferred lender, The Federal Savings Bank. According to Camilo Rodriguez, senior vice president, The Federal Savings Bank, Fannie Mae approval is not just a significant milestone for the Ogden and the Federal Savings Bank team, it’s important to the Las Vegas community as a whole.

“When we were brought in to secure financing options for The Ogden, there was skepticism in the real estate community regarding efforts to revitalize the downtown Las Vegas neighborhood,” Rodriguez said. “However, after meeting the leadership team at The Ogden, we, too, became believers of their vision. We committed to the project by providing a financing strategy of multiple unique mortgage products that facilitated sales and allowed us to reach this significant milestone. The Ogden is the first building since the recession to offer this type of affordable financing, and we are proud to have played a role in this accomplishment and look forward to the continued development and growth of the Las Vegas real estate market. We will work with DK Las Vegas to expand financing programs at its other communities, including Juhl, also in downtown Las Vegas, One Las Vegas on south Las Vegas Boulevard and Spanish Palms on the valley’s west side.”

According to Rodriguez, qualifying for Fannie Mae approval requires a track record of sales success, a strong homeowners association with reserves, credible ownership that is proven in its financial and management commitment to the property, a low percentage of investor-rented condos, lack of foreclosures and a strategic sales and marketing plan.

“These factors and others are carefully reviewed to ensure qualifying properties are well positioned for continued success with the expansion of financing options,” he said.

Offering more than 17 different spacious and modern floor plans on 21 floors, homes at The Ogden range from a one-bedroom, 815-square-foot residence with prices starting in the mid-$200,000s to a three-bedroom plus den 2,044-square-foot home starting in the low $600,000s. Residences feature a modern design, private balconies and expansive views of downtown Las Vegas, the Strip and the mountains that frame the valley.

Single-story, open floor plans offer flex spaces that can serve as a home office, den or yoga room, extra bedrooms for accommodating multigenerational family and guests, and spacious windows that fill interiors with natural light. A $2 million re-design includes luxury amenities such as a rooftop pool, 16th-floor clubhouse, Sky Deck, fitness studio, pet park and casual work spaces.

The Ogden’s luxury lifestyle and prime downtown location attract millennials, empty-nesters and retirees. With all the benefits of a single-family home without the upkeep, The Ogden is within walking distance of more than 150 restaurants, bars and eateries; nightlife; and shopping, entertainment and cultural attractions. It is minutes from the world-famous Las Vegas Strip.

For more information, visit The Ogden’s onsite sales center at 150 Las Vegas Blvd. N. or online at Ogdenlv.com, or call 702-478-4700.