Canvas, the condominium tower planned to rise in Miami’s Arts & Entertainment District, has received conditional project approval from Fannie Mae, as site preparation begins.
Fannie Mae has agreed to purchase or securitize mortgages on individual units in the 513-unit property, NR Investments, the project’s developers told The Real Deal.
The approval is often used by developers to lure domestic buyers. Last January, the developers of the Crimson in Miami’s Edgewater neighborhood received Fannie Mae approval, in anticipation of a drop in foreign buyers looking to buy Miami condos.
Canvas, at 1630 Northeast First Avenue, is now 54 percent sold, with $120 million in sales, the developers said. Sales began in October 2014.
In mid-December, initial site work began in the lot, first with tree and shrub removal, and then test pilings.