Case Study
Berkley Arms
120-unit Hackensack conversion
Property location
208 Anderson St, Hackensack, NJ 07601
120
Total Units
NJ
State
Property details
Context that shaped the conversion
Underlying Mortgage
Yes - HUD Underlying NON PAYABLE Mortgage
The transformation
From constraints to outcomes
Before conversion
The constraints
Berkley had a HUD Underlying NON PAYABLE Mortgage
Just before conversion to condos, units were selling for 1/3 of their original prices paid by shareholders 15 years prior.
The Co-op Association had to buy back 10% of the units from the Sponsor, but these units would not sell as co-ops.
After conversion
The documented outcomes
The Hutton Group negotiated with underlying lender for the right to prepay and reduced pre-payment penalties.
Market values of the condos immediately increased THREEFOLD and have been climbing ever since.
Units, now sold as condos, provided nearly $1 Million in reserve for the Association thereby eliminating the need for a special assessments.
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.
No unknown, estimated, or unavailable values are displayed.
Community voices
What residents say
“Im happy to report that our conversion experience showed The Hutton Group to be professional, committed to our project, knowledgeable and fortified with the experience that only comes from having successfully converted other associations.”
Brigit Ruvolo, Property Manager
“The Conversion to Condo was WONDERFUL! I am very happy! It is a very positive thing for the community. As a Co-op it was very difficult to sell. Units would sit on the market for months. Now, as a Condo they sell in a matter of days - if not hours. There is nothing negative to say about the results of converting.”
Betty Garcia, Former Board Member
Property location
Berkley Arms
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