METROPICA ANNOUNCES BUILDERS NETWORK PROGRAM IN PARTNERSHIP WITH BANK OF AMERICA
Metropica, the $1.5 billion, 65-acre master planned community set to transform South Florida’s West Broward corridor, is proud to announce that it has been approved to offer flexible financing programs to prospective buyers as part of Bank of America’s® acclaimed Builders Network Program.As the second development to join the exclusive network in Florida, Metropica was officially approved for the program after successfully completing a rigorous pre-qualification process conducted by Bank of America. Pre-qualification criteria included an underwriting process to evaluate the strength of the project and its financials as well as a review of title and owner/occupancy ratio.As part of the Builders Network Program, Metropica has been approved for financing at standard rates and offers compelling financing options including the renowned Doctor Loan, available to professionals in the medical field, and the Non-conforming loan, which offers competitive rates. Additionally, a dedicated team from Bank of America, from loan originator to processing and underwriting, has been assigned to offer a superb customer experience for Metropica One buyers.Geared to medical residents and licensed practicing doctors and dentists, theDoctor Loan Program was designed to meet the specific needs of medical professionals that are purchasing a primary residence. Program benefits include low down payment options and flexible options such as an opportunity for student loan debt to be excluded from the total debt calculation. The plan includes a variety of fixed and adjustable rate mortgage programs, plus a medical professional starting a new position can choose to delay their start up to 60 days after the closing date.TheNon-conforming Loan, also called a Jumbo loan, meets a variety of needs for those planning to buy a higher-value home. Benefits include low down payments and competitive fixed-rate and adjustable-rate mortgages (ARMs) and interest-only payment options.“We are honored to have been selected to join Bank of America’s Builders Network program and be able to offer these compelling financing options with a lower risk to our buyers at Metropica,” said Joseph Kavana, CEO of Metropica Development LLC. “Being a part of the Builders Network is a testament to the strength and value of the project. We are confident that buyers will find these programs beneficial as they can now easily secure a loan at a reasonable rate.”The program is available for buyers of Metropica One, the community’s initial residential tower, which features 263 tropically-inspired units, ranging in size from 740 to 1,379 square feet, and priced starting from the low $400s for one bedrooms and going up to $1.3 million for penthouses. The project is designed by an award-winning team of architects and interior designers including YOO Design Studio, Oppenheim Architecture, CI Design, and EDSA. The project, currently 65% sold, is topped off and will be move-in ready at the end of 2018.Metropica, located at1800 NW 136th Avenue in Sunrise, will have eight residential towers once completed. The mixed-use community will ultimately encompass 2,250 residential condominiums, as well as apartments, prime shopping and dining experiences, 650,000 square feet of contemporary, Class A office space, boutique hotels, lush green spaces including a Central Park, and other public spaces dedicated to the arts.Dance with Me, the celebrity-founded chain of dance studios offering world-class dance instruction, and Urban Outfitters are the latest two tenants to join Metropica’s impressive retail lineup. Residents of the project will have access to an array of sophisticated retail shopping and dining concepts including Anthropologie, City Works Eatery & Pour House, Genuine Pizza (formerly Harry’s Pizzeria), Sugarboo & Co., Cru Wine Bar, Kendra Scott Jewelry and iPic Theaters, with the list continuing to grow.