Case Study

Pittsfield Village (The Village)

422-unit Ann Arbor conversion

Property location

2220 Pittsfield Blvd, Ann Arbor, MI 48104

422

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.

Year Built

1950

Underlying Mortgage

Yes - high rate (almost 10%)

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

The Co-ops underlying (blanket) mortgage carried a high rate (almost 10%) and the financial markets made refinancing improbable.

Unit values dropped so low that owners were unable to sell without having to bring cash to closing.

No financing was available for purchase or refinancing of units.

After conversion

The documented outcomes

Under The Hutton Group's conversion plan, owners were able to lock in rates at 5% and reducing their monthly debt costs by hundreds of dollars.

As part of the conversion, units appraised for almost 40% more as condos. 25 units sold immediately.

The Hutton Group brought two lenders who provided FHA & Fannie Mae loans, up to 96% loan-to-value.

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 Converted422

Underlying MortgageYes - high rate (almost 10%)

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.

“I was very satisfied with the conversion of my co-op to a condominium”

D. Staulter, Unit Owner

“To The Hutton Group staff: You and your colleagues working down in the trenches are owed acknowledgement, & recognition for the tenacity in getting through, over, and around multiple adversities on the way to the end. We thank you and your work mates”

F. Snitz, Unit Owner

“Our shareholders can now enjoy higher and more stable values and we can now finance our units through FHA and Fannie Mae. As a cooperative, we had no financing for our units, making it very difficult for anyone to buy into our unique community.”

Brian Rice, President of the Board of Directors