Columbia Heights

“[They] really did save our community…we never could have accomplished conversion without Hutton […]"

Patty Urban

Geddes Lake (422 units)
Ann Arbor, MI
“The Hutton Group are true experts in their field…[They] saved my investment from sheer disaster and turned it into a goldmine […]"

Alan Antaki

Woodedge (81 units)
Edison, NJ
“[The Hutton Group] covered, with great success, our financial needs, our legal problems with some dissenters, and led us to a painless conversion […]"

Jose Perewozki

Laguna Lido (48 units)
Laguna Beach, CA
"We wanted to own our units with individual deeds and knew Hutton were the experts...they addressed every issue with detailed precision."

Roman Rozenberg

1543 W 1st St
Brooklyn, NY
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Columbia Heights

2006

Arlington, Virginia

Property Information

Location Arlington, Virginia
Number of Units 102
Year Converted to Co-op 1942
Year Converted to Condo 2006

Before Conversion as a Co-op

Older cooperative with minimal market acceptance in an otherwise healthy suburban market outside of Washington DC even with NO underlying mortgage to support.
Few lenders would provide financing to purchasers or owners seeking refinancing options.
During Conversion preparation, ROA Hutton engineers discovered a non-conforming use of part of the Co-op’s land.
Since there was no underlying mortgage, the few shareholders with share loans to refinance, the conversion costs were out-of-pocket.
After Conversion as a Condo
Unit values increased over 3-fold immediately after closing. Although condo values for the converted units eventually declined with the overall market, units still doubled in value.
Hutton arranged Fannie Mae approval which allowed buyers to purchase or refinance at the lowest rates available and with downpayments as low as 3%.
Hutton funded the re-plating to allow for zoning approval which paved the way to the conversion of the cooperative to a condominium under Virginia law.
Hutton and the Co-op Board agreed upon a fee structure that allowed the Co-op to subsidize the conversion fee which allowed many to close with cash.
Results From the Converstion of 109 Lefferts
Value as a Cooperative (40% Increase) $70,000
Add: Obligation (Fees & Closing Costs) $3,000
Total Investment $73,000
Condominium Values after Conversion $190,000
Net Increase in Wealth (Equity) $127,000