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Case Study

Frontenac

76-unit Hackensack conversion

Property location

90 Prospect Ave, Hackensack, NJ 07601

76

Total Units

NJ

State

Frontenac

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 (Including underlying mortgage, fees & costs)

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

01

Units were extremely undervalued, selling at a third of comparable condominiums in the same town.

02

Building desperately needed new windows and an updated hallways but lacked the required funds.

03

As a co-op, few lenders were willing to provide financing to new buyers at competitive terms.

After conversion

The documented outcomes

Immediately after conversion, units were selling at 3 to 4 times the price as a condo compared to co-op.

The conversion raised $750,000 for the new windows and hallway renovations.

The Hutton Group obtained Fannie Mae approval as opening the door to thousands of lenders for condo units.

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 Converted76
Underlying MortgageYes (Including underlying mortgage, fees & costs)

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.
The positive results of the conversion are simply undeniable. Our units have increased in value by over 200% overnight. One unit was sold to an owner occupant for three (3) times the co-op price paid only a year prior. Our new association is now Fannie Mae approved with unlimited lenders offering attractive programs and lower interest rates. The Hutton Group guided us through the entire process and put us on a solid footing with updated governing documents, a realistic operating budget and a new replacement reserve study. Your no-risk, no-upfront-fee program is reason enough to let shareholders decide for themselves as to the benefits and costs of a co-op to condo conversion.

Peter Hanson, Board President

You had all the facts and research at your fingertips, and as a realtor, I was familiar with other buildings in Hackensack that you successfully converted. Once the Board approved the proposal and hired your company to represent us in this conversion, it was a whirlwind meetings, discussions, and phone calls. What does amaze me is that The Hutton Group completed our conversion in approx 6 months when, in most instances, this entire process can take better than one year to consummate. I commend everyone involved in this conversion for your patience, professionalism, and your turn around time to get this conversion completed—you jumped through hoops to assist everyone. Many thanks for all your fine work in making the Frontenac conversion a reality.

Ann Santee, Board Member and Realtor

Property location

Frontenac

90 Prospect Ave, Hackensack, NJ 07601
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