Hackensack, New Jersey
Berkley Arms
120-unit Hackensack conversion
Explore the projectRequest your free feasibility study- Location
- Hackensack, New Jersey
- Units
- 120
- Year converted
- 2002
- Underlying mortgage
- Yes - HUD Underlying NON PAYABLE Mortgage
The challenge
Berkley had a HUD Underlying NON PAYABLE Mortgage
Just before conversion to condos, units were selling for 1/3 of their original prices paid by shareholders 15 years prior.
The Co-op Association had to buy back 10% of the units from the Sponsor, but these units would not sell as co-ops.
The outcome
The Hutton Group negotiated with underlying lender for the right to prepay and reduced pre-payment penalties.
Market values of the condos immediately increased THREEFOLD and have been climbing ever since.
Units, now sold as condos, provided nearly $1 Million in reserve for the Association thereby eliminating the need for a special assessments.
Historical project figures
Conversion completed in 2002.
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
“Im happy to report that our conversion experience showed The Hutton Group to be professional, committed to our project, knowledgeable and fortified with the experience that only comes from having successfully converted other associations.”
“The Conversion to Condo was WONDERFUL! I am very happy! It is a very positive thing for the community. As a Co-op it was very difficult to sell. Units would sit on the market for months. Now, as a Condo they sell in a matter of days - if not hours. There is nothing negative to say about the results of converting.”
In Hackensack
Berkley Arms208 Anderson St, Hackensack, NJ 07601Open 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.