Hackensack, New Jersey
The Stratford House
133-unit Hackensack conversion
Explore the projectRequest your free feasibility study- Location
- Hackensack, New Jersey
- Units
- 133
- Year converted
- 1999
- Underlying mortgage
- Yes (Including underlying mortgage, fees & costs)
The challenge
Out of 133 total units, The Stratford House only sold 4 units in the 12 months prior to conversion
The Stratford House was considered ineligible for competitive bank financing
Suffered for years from slow sales and extremely low market values as compared to comparable condos.
The outcome
In the first year after conversion to condos, 24 units sold with rapid market absorption at The Stratford House.
Fannie Mae approval allows buyers to purchase with a downpayment as low as 3% and at the best interest rates in the market.
Monthly carrying costs for most owners have gone down significantly in some cases by over $200 per month
Historical project figures
Conversion completed in 1999.
These historical figures describe this project. They are not current appraisals or a prediction for another building.
- Funding arranged
- $12,000,000
From the community
“Financing was always difficult to obtain as a Cooperative. Banks were unwilling to lend money based upon their past unfavorable experiences with Co-ops.”
“Literally overnight, our equity has substantially increased and the number of sales we have had since our conversion surpass any sales volume since our original conversion to Co-op 20 years ago.”
In Hackensack
The Stratford House150 Overlook Ave, Hackensack, NJ 07601Open 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.