Ann Arbor, Michigan

Pittsfield Village (The Village)

422-unit Ann Arbor conversion

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Location: Ann Arbor, Michigan
Units: 422
Year built: 1950
Year converted: 2009
Underlying mortgage: Yes - high rate (almost 10%)

The challenge

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.

The outcome

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.

Historical project figures

Conversion completed in 2009.

These historical figures describe this project. They are not current appraisals or a prediction for another building.

Funding arranged: $40,000,000

From the community

“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