Fannie financing may boost sales

The beleaguered Towers of Channelside condominiums just south of downtown Tampa could finally get the spark they need — they've been approved by the Federal National Mortgage Association for buyer financing assistance.

Fannie Mae approval means condo projects where the majority of new units have been sold are eligible for government-backed loans, smaller down payments and a broader pool of lenders for prospective homebuyers. At least 70% of the 257 luxury residential units at the Towers of Channelside have been sold, with remaining units priced between $178,000 and $375,000 (plus condo association fees amounting to $553 per month).

“Fannie Mae approval is an indication that the Towers of Channelside is a healthy community and a solid investment with long-term viability,” says Steve McAuliffe, president of Tampa-based JMC Realty Inc. The firm took over sales and marketing of the 28-story twin towers in February after they went into receivership.

JMC Realty says it has sold 60 residential units at the Towers over the last six months, with 20 more units currently under contract. Also, four of the five street-level retail condo units have been sold.