The Santurce apartment complex known as Ciudadela recently got approval from the Federal Housing Administration to finance Phases I & II Buildings, and the completed Towers of Phase III — Towers 600, 700 and 800, developers confirmed.
With FHA approval, buying a property in the community is possible through federal insured mortgage loans, which provide significant benefits to buyers, including the requirement for only 3.5 percent of the total cost as down payment, as FHA provides up to 96.5 percent financing.
With FHA mortgage loans, prices in Tower 800 start at $196,000 for a one bedroom, $264,000 for a two bedroom and $360,000 for the three bedroom units.
These loans also have lower interest rates, which are fixed to a 15 or 30-year term, have no pre-payment penalties and, if the owner of the property wants to sell it before term, the loan can be transferred under its terms and conditions, subject to FHA approval.
These mortgages are ideal for first-time homebuyers, who constitute one of the biggest groups of residents in the development.
“As Puerto Rico recovers from two devastating Hurricanes, regaining normality and moving the economy must be one of our top priorities. Ciudadela’s FHA approval comes at a time when people need it most,” said Jeremy Griffiths, partner at Putnam Bridge. “It will provide more people the opportunity to qualify and own a property.”
With the opening of its third phase, Ciudadela is welcoming new residents and businesses to the neighborhood. Five towers make up the new phase, three completed 8-story buildings with 81 apartments, and two hi-rise towers still under construction offering 171 additional units.
Each building has a private entrance for residents, with a modern lobby, electronic security entrance and state-of-the-art elevators. Towers 600 and 700 are sold while Tower 800 has apartments still available. The opening of Tower 900 is scheduled for early 2018 and Tower 1000 will be ready during the second half of 2018.
“After Hurricane María, Ciudadela residents came together as a united community. In less than 24 hours, residents and staff worked tirelessly to clean up, pick up and make their space welcoming and beautiful again,” said Nicholas Prouty, CEO of Putnam Bridge and owner of Ciudadela.
“Great things are happening at Ciudadela and we are proud to be a part in making them possible. The park is our next great project, a dream we have pursued with passion, and we are confident it will soon be part of the Ciudadela story,” said Prouty, “It will be open for all — residents and visitors to Santurce”.
Ciudadela is designed with the future in mind. Taking care of the environment and improving quality of life is at the core of the development’s values. From solar panels, water recycling for irrigation and electric vehicle charging stations, to sustainable building practices, recycling and LED lighting, everything is planned to sustain the environment and the people who live in it, owners explained.