Arlington, Virginia
Columbia Heights
102-unit Arlington conversion
Explore the projectRequest your free feasibility study- Location
- Arlington, Virginia
- Units
- 102
- Year converted
- 2006
- Underlying mortgage
- No underlying mortgage existed - Fees and Closing Costs only and partially subsidized by the Co-op
The challenge
Older cooperative with minimal market acceptance in an otherwise healthy suburban market outside of Washington DC even with NO underlying mortgage to support.
Few lenders would provide financing to purchasers or owners seeking refinancing options.
During Conversion preparation, The Hutton Group engineers discovered a non-conforming use of part of the Co-ops land
Since there was no underlying mortgage, the few shareholders with share loans to refinance, the conversion costs were out-of-pocket.
The outcome
Unit values increased over 3-fold immediately after closing. Although condo values for the converted units eventually declined with the overall market, units still doubled in value.
The Hutton Group arranged Fannie Mae approval which allowed buyers to purchase or refinance at the lowest rates available and with downpayments as low as 3%.
The Hutton Group funded the re-plating to allow for zoning approval which paved the way to the conversion of the cooperative to a condominium under Virginia law.
The Hutton Group and the Co-op Board agreed upon a fee structure that allowed the Co-op to subsidize the conversion fee which allowed many to close with cash.
Historical project figures
Conversion completed in 2006.
These historical figures describe this project. They are not current appraisals or a prediction for another building.
- Funding arranged
- $5,000,000
In Arlington
Columbia Heights5565 Columbia Pike, Arlington, VA 22204Open the building in Google Maps (opens a new tab)
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