Detroit, Sept. 05, 2018 (GLOBE NEWSWIRE) -- GREAT LAKES TOWER CONDO PROJECT RECEIVES FANNIE MAE PROJECT ELIGIBILITY REVIEW
SERVICE (PERS) APPROVAL
• Process Deems Great Lakes Tower Condo Units “Warrantable,” Making Financing Easier
DETROIT –September 5, 2018—Great Lakes Tower, located in the Harbortown Community,
recently received Project Eligibility Review Service (PERS) approval from Fannie Mae. The
approval deems the Detroit Riverfront condominium project “warrantable” by Fannie Mae,
making financing and the loan closing process easier for buyers. The approval means down
payments as low as three percent for primary residents, 10 percent for buyers using the
property as a second residence and 25 percent for investment properties.
“This is a significant approval for Great Lakes Tower,” said Matt O’Laughlin, a broker with
Alexander Real Estate Detroit and the listing broker for the project. “The PERS process
evaluates a project on a number of stringent criteria. Great Lakes Tower is one of only two
PERS-approved projects in the City of Detroit.”
Criteria include review of homeowners’ association budgets, insurance, commercial usage,
shared-use agreements and legal documents to ensure no last minute issues at closing and to
expedite the process.
“This makes financing easier for first time buyers,” said Marcy Lindhout, Certified Mortgage
Banker and first senior vice president of Chemical Bank, Great Lakes Tower’s preferred lender.
“It means significantly lower down payment options are available; so are better rates on fixed term
mortgages. In the instance of Great Lakes Tower, it means you can have a hip Detroit
condo unit and build equity at the same time, in many cases for less than the cost to rent a
comparable downtown unit.”
Great Lakes Tower offers fully renovated one and two-bedroom condominium units with
contemporary finishes, abundant amenities, access to the riverfront, two pools and a private
marina. Six available floor plans and four finish packages mean units fit a variety of tastes and
budgets.
Units range from 748 to 1,475 square feet in size, giving residents ample space for visitors,
hosting gatherings or relaxing at their leisure. Each unit comes with assigned parking, so
residents never have to search for spaces but Harbortown’s bikeable and walkable location lets
residents skip the drive and walk or bike to their favorite downtown destination.
“Units are moving quickly at Great Lakes Tower,” added O’Laughlin. “The ease and financial
benefits of the Fannie Mae PERS approval coupled with NEZ tax credits, quality construction,
amenities, location and price point make Great Lakes Tower a must-see for anyone serious
about buying a downtown Detroit condominium unit.”
For more information about Great Lakes Tower, contact Matt O’Laughlin of Alexander Real
Estate Detroit at 313-590-4256 or via email at matt@aredetroit.com or visit
www.greatlakescondos.com.
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