Pittsfield Village (The Village)
422-unit Ann Arbor conversion
422
Total Units
Significant
Value Increase
N/A
Year Converted
MI
State
Property Details
Unit Types
N/A
Year Built
1950
Underlying Mortgage
Yes - high rate (almost 10%)
The Transformation
From Challenges to Success
Before Conversion
The Challenges
The Co-ops underlying (blanket) mortgage carried a high rate (almost 10%) and the financial markets made refinancing improbable.
Unit values dropped so low that owners were unable to sell without having to bring cash to closing.
No financing was available for purchase or refinancing of units.
After Conversion
The Results
Under The Hutton Group's conversion plan, owners were able to lock in rates at 5% and reducing their monthly debt costs by hundreds of dollars.
As part of the conversion, units appraised for almost 40% more as condos. 25 units sold immediately.
The Hutton Group brought two lenders who provided FHA & Fannie Mae loans, up to 96% loan-to-value.
Financial Impact
Financial Impact
Results shown are from a representative unit. Individual results vary by unit size and condition.
Community Voices
What Residents Say
"I was very satisfied with the conversion of my co-op to a condominium"
D. Staulter, Unit Owner
"To The Hutton Group staff: You and your colleagues working down in the trenches are owed acknowledgement, & recognition for the tenacity in getting through, over, and around multiple adversities on the way to the end. We thank you and your work mates"
F. Snitz, Unit Owner
"Our shareholders can now enjoy higher and more stable values and we can now finance our units through FHA and Fannie Mae. As a cooperative, we had no financing for our units, making it very difficult for anyone to buy into our unique community."
Brian Rice, President of the Board of Directors
"Thanks for all the hard work the The Hutton Group team put into our conversion."
M. Kermani, Unit Owner
Property Location
Pittsfield Village (The Village)
2220 Pittsfield Blvd, Ann Arbor, MI 48104
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Could your building see similar results?
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