Morris Plains, New Jersey
Mountain Club Condos
702-unit Morris Plains conversion
Explore the projectRequest your free feasibility study- Location
- Morris Plains, New Jersey
- Units
- 702
- Year built
- 1968
- Year converted
- 2005
- Underlying mortgage
- Yes (Underlying Mortgage, Fees & Closing Cost)
The challenge
A large complex (702 Units) converted from rentals in 1988, the co-op units never recovered in sales prices from the decline in the early 1990s. Owners were forced to rent due to low resale values, making the community more tenant-concentrated than was desired.
As a co-op, owners were limited in their options to refinance or get home equity loans since unit values remained low compared to the loan amount they needed.
There was significant deferred maintenance in the complex and virtually no reserves to fund the necessary work.
The outcome
After conversion, unit values doubled and market absorption significantly improved. Investor owners were able to sell their units to owner-occupants at higher prices thereby increasing the owner occupancy levels in the community.
As part of the conversion, Hutton secured Fannie Mae & FHA approval which provided the best available mortgage terms for years to come.
Almost $2.5 Million was raised through the conversion, allowing owners to borrow their share in conversion loans.
Historical project figures
Conversion completed in 2005.
These historical figures describe this project. They are not current appraisals or a prediction for another building.
- Funding arranged
- $2,500,000
In Morris Plains
Mountain Club Condos2467 NJ-10, Morris Plains, NJ 07950Open 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.