Fort Lee, New Jersey
Bella Vista Condominiums
166-unit Fort Lee conversion
Explore the projectRequest your free feasibility study- Location
- Fort Lee, New Jersey
- Units
- 166
- Year converted
- 2003
- Underlying mortgage
- Yes (included in conversion obligation)
The challenge
Prices for Co-op remained far lower than comparable units in the area.
Sponsor owned 2/3 of the units and would not sell because of low values.
Limited financing for Co-op made it difficult for new buyers to afford units.
Small reserves as Co-op with many repair and maintenance issues.
The outcome
Condos now selling at nearly three times Co-op values.
With prices escalating, sponsor is selling all units instead of leasing them.
As a Condo, approved by Fannie Mae with 10,000 Lenders available offering the lowest interest rates.
Parking spaces were sold generating over $1 Million for badly needed repairs.
Historical project figures
Conversion completed in 2003.
These historical figures describe this project. They are not current appraisals or a prediction for another building.
- Funding arranged
- $1,000,000
From the community
“How can we begin to thank you for the Miracle of converting our co-operative into a successful condominium? What we thought was impossible. We never dreamed after years of struggling to convert our co-op that your staff would make the conversion a reality. Given the complex and size of the project, everything you told the shareholders you would do you did and more. For that we are grateful.”
“Bella Vista cooperative had devalued to unbelievably low prices. The board was hesitant about the success of conversion to condominiums as the property had a majority shareholder. The Hutton Group managed successfully the details of all shareholders. Property value has more than tripled, units are selling at prices way above those initially projected. Furthermore, The Hutton Group has left Bella Vista Manor fully funded, enough for major improvements to the property. All this and in a really unexpected timeframe. The Hutton Group, the ultimate expertise in property conversion.”
In Fort Lee
Bella Vista Condominiums2330 Linwood Ave, Fort Lee, NJ 07024Open the building in Google Maps (opens a new tab)
What would conversion mean for your building?
A free feasibility study starts with your building’s numbers and the questions your community needs to answer.