Figueroa Arms

“[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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Figueroa Arms

2015

Los Angeles, CA

Property Information

Location Los Angeles, CA
Number of Units 75
2015

Before Conversion as a Co-op

Unit values were 1/2 or less than they were at the market height with some owners being up-side-down with their mort-gage vs market value of the units. Some owners were forced into foreclosure, further reducing unit values.
There were no lenders that were willing to finance new purchasers or refinance existing member loans. Units sold all cash at depressed prices.
Years of unpaid property taxes, deficit spending and three mortgages had the co -op facing foreclosure.
After Conversion as a Condo
The conversion created immediate market acceptance and lift prices by at least 80%. Owners who wanted to sell can now afford to payoff their loans thereby reducing the foreclosures in the building and increasing unit prices.
As condos, units now qualify for loans with unlimited lenders. Fannie Mae project approval will provide the best terms and support higher unit values.
Hutton arranged a new Group Loan for the condominium HOA that paid off all obligations and left cash for reserves.
Results From the Converstion of 109 Lefferts
Value as a Cooperative (40% Increase) $75,000
Add: Obligation (Fees & Closing Costs)
Total Investment
Condominium Values after Conversion $145,000
Net Increase in Wealth (Equity) $70,000