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Frontenac

Hackensack, New Jersey

Frontenac

76-unit Hackensack conversion

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Location
Hackensack, New Jersey
Units
76
Year converted
2005
Underlying mortgage
Yes (Including underlying mortgage, fees & costs)

The challenge

Units were extremely undervalued, selling at a third of comparable condominiums in the same town.

Building desperately needed new windows and an updated hallways but lacked the required funds.

As a co-op, few lenders were willing to provide financing to new buyers at competitive terms.

The outcome

Immediately after conversion, units were selling at 3 to 4 times the price as a condo compared to co-op.

The conversion raised $750,000 for the new windows and hallway renovations.

The Hutton Group obtained Fannie Mae approval as opening the door to thousands of lenders for condo units.

From the community

“The positive results of the conversion are simply undeniable. Our units have increased in value by over 200% overnight. One unit was sold to an owner occupant for three (3) times the co-op price paid only a year prior. Our new association is now Fannie Mae approved with unlimited lenders offering attractive programs and lower interest rates. The Hutton Group guided us through the entire process and put us on a solid footing with updated governing documents, a realistic operating budget and a new replacement reserve study. Your no-risk, no-upfront-fee program is reason enough to let shareholders decide for themselves as to the benefits and costs of a co-op to condo conversion.”
Peter Hanson, Board President
“You had all the facts and research at your fingertips, and as a realtor, I was familiar with other buildings in Hackensack that you successfully converted. Once the Board approved the proposal and hired your company to represent us in this conversion, it was a whirlwind meetings, discussions, and phone calls. What does amaze me is that The Hutton Group completed our conversion in approx 6 months when, in most instances, this entire process can take better than one year to consummate. I commend everyone involved in this conversion for your patience, professionalism, and your turn around time to get this conversion completed—you jumped through hoops to assist everyone. Many thanks for all your fine work in making the Frontenac conversion a reality.”
Ann Santee, Board Member and Realtor

In Hackensack

Frontenac
90 Prospect Ave, Hackensack, NJ 07601
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