Case Study

The Enclave: A Condominium Community

104-unit Fairlawn conversion

Property location

3800 Rosemont Blvd, Fairlawn, Ohio

104

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 - large and expensive underlying mortgage with HUD

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

Owners who wanted to sell were unable to do so because of the cooperative form of ownership and the related monthly fees.

As a Co-op, owners could not refinance and take advantage of historically low interest rates since no lender was willing to finance Co-op shares.

The Co-op was bleeding from negative cash flow due to defaulting members not paying their fees.

After conversion

The documented outcomes

As part of the conversion, units were sold at top prices. Monthly common charges were reduced to levels of comparable condo units in the market.

Through conversion, Hutton was able to secure Fannie Mae approval and shareholders were able to finance their conversion with low interest rates that reduced their monthly costs.

Units are selling well as condominiums, thereby improving cash flow and monthly fee collections.

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 Converted104

Underlying MortgageYes - large and expensive underlying mortgage with HUD

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.

“Despite the obstacles we faced, Hutton worked diligently to achieve our stated goals: Convert to condominiums, increase property values, provide open financing options and reduce monthly housing costs. They worked with each owner to address individual circumstances and they eventually got enough of our members the financing they needed to become condominium owners. They did everything they said they would do and then some.”

Dianne Onesti, Board President

“We were struggling with no market for our units and a very large and expensive underlying mortgage with HUD. Hutton helped convert our units to condos with Fannie Mae financing, and now our units are finally marketable. If it wasn't for Hutton's tenacity and persistence, we would not have achieved our conversion plan. Even when it seemed impossible, Jack Boyajian and the Hutton team kept fighting for us.”

Jackie Hughes, Board Treasurer

Property location