San Jose, California
San Tomas Estates
96-unit San Jose conversion
Explore the projectRequest your free feasibility study- Location
- San Jose, California
- Units
- 96
- Year built
- 1971
- Year converted
- 2007
- Underlying mortgage
- No underlying mortgage; fees and closing costs only
The challenge
Located in the suburbs of San Jose, CA, this co-op had a sister complex that was a condominium wherein units were selling for $100,000 more than the co-op units next door.
There were only two (2) lenders that were willing to offer share loans to buyers or existing shareholders wanting to refinance. There was virtually no choice as to terms, rates or costs.
The co-ops aged governing documents was not as effective in the enforcement of house rules as the members would like.
The outcome
Immediately after the conversion was approved, units at the co-op sold for much more than previous asking prices and in a shorter time period. Values after conversion were even higher.
The Hutton Group and its Primary Lender arranged for Fannie Mae approval which provided competitive rates and terms for the conversion and beyond.
The Hutton Group helped the association adopt updated condominium governing documents with clearer enforcement provisions.
Historical project figures
Conversion completed in 2007.
These historical figures describe this project. They are not current appraisals or a prediction for another building.
- Funding arranged
- $15,000,000
In San Jose
San Tomas Estates1335 Phelps Ave, San Jose, CA 95117Open the building in Google Maps (opens a new tab)
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