Case Study

Twin Pines Condominiums

80-unit 835 Pomeroy Ave. Santa Clara conversion

Property location

835 Pomeroy Ave. Santa Clara, CA 95051

Total Units

State

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

Unit values were very low compared to similar condos in the area even though the community had gone from limited-equity to market-rate co-ops years back.

As a co-op, owners had only one lender option with uncompetitive terms, limiting unit sales and refinancing options.

Some co-op units were entering foreclosure amid low values and limited financing.

After conversion

The documented outcomes

After conversion, all units in the community received unit deeds as unrestricted condos and unit sales soared immediately with prices nearly doubling.

Hutton secured Fannie Mae project approval, giving members access to a broader lender pool for refinancing and purchases.

The project record reports that unit values nearly doubled after conversion and financing availability improved.

Project record