Case Study

Woodedge Condominiums

81-unit Edison conversion

Property location

28 Woodedge Ave, Edison, NJ 08817

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 (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

Sponsor maintained nearly 15% of the units for more than 10 years.

Units were selling at very low prices with little activity.

Many owners were upside down (Owing more on share loans [mortgages] than the unit was worth as a co-op.)

Low reserve cash balances insufficient to meet major capital reserves needed to be completed.

After conversion

The documented outcomes

High condo prices have motivated Sponsor and Investors to sell units.

Selling quickly at prices over three (3) times co-op prices.

Owners have recouped their loses through higher sales prices and availability of Fannie Mae financing for new buyers.

Reserves enhanced through sale of complex-owned unit as a condo and new reserves in condo budget.

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 Converted81

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.

“Prices have increased dramatically after the Conversion. Two Bedroom co-ops that once sold for $40K are now selling for $150K. A one bedroom co-op sold at $19K just before the conversion now as Condos they are selling in the $100K range. Thanks The Hutton Group for making this happen.”

Charles Shell, President

“The Hutton Group are true experts in their field. No one else would have been able to manage the difficulties we faced in the conversion. The Hutton Group saved my investment from sheer disaster and turned it into a goldmine. I simply cannot say enough about the positive impact the conversion to condominium has made in our community.”

Alan Antaki, Shareholder

Property location