Case Study

Bella Vista Condominiums

166-unit Fort Lee conversion

Property location

2330 Linwood Ave, Fort Lee, NJ 07024

166

Total Units

State

Property details

Context that shaped the conversion

These project specifics help explain why the conversion path and results differed from one building to another.

Underlying Mortgage

Yes (included in conversion obligation)

The transformation

From constraints to outcomes

Each project began with a specific set of financing, legal, or market challenges and moved through a different path to a successful outcome.

Before conversion

The constraints

Prices for Co-op remained far lower than comparable units in the area.

Sponsor owned 2/3 of the units and would not sell because of low values.

Limited financing for Co-op made it difficult for new buyers to afford units.

Small reserves as Co-op with many repair and maintenance issues.

After conversion

The documented outcomes

Condos now selling at nearly three times Co-op values.

With prices escalating, sponsor is selling all units instead of leasing them.

As a Condo, approved by Fannie Mae with 10,000 Lenders available offering the lowest interest rates.

Parking spaces were sold generating over $1 Million for badly needed repairs.

Project record

Documented project scope

The source record does not provide a complete financial return table for this project, so only verified scope details are shown.

Units Converted166

Underlying MortgageYes (included in conversion obligation)

No unknown, estimated, or unavailable values are displayed.

Community voices

What residents say

Comments from board members and owners help show how the conversion was experienced inside the community.

“How can we begin to thank you for the Miracle of converting our co-operative into a successful condominium? What we thought was impossible. We never dreamed after years of struggling to convert our co-op that your staff would make the conversion a reality. Given the complex and size of the project, everything you told the shareholders you would do you did and more. For that we are grateful.”

Marilyn Badami, Board President

“Bella Vista cooperative had devalued to unbelievably low prices. The board was hesitant about the success of conversion to condominiums as the property had a majority shareholder. The Hutton Group managed successfully the details of all shareholders. Property value has more than tripled, units are selling at prices way above those initially projected. Furthermore, The Hutton Group has left Bella Vista Manor fully funded, enough for major improvements to the property. All this and in a really unexpected timeframe. The Hutton Group, the ultimate expertise in property conversion.”

Mafalda Salvi, Board Vice President

Property location