Pittsfield Village (The Village)

“[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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Pittsfield Village (The Village)

2009

Ann Arbor, MI

Property Information

Location Ann Arbor, MI
Number of Units 422
Year Built 1950
Year Converted to Condo 2009

Before Conversion as a Co-op

The Co-op’s 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.
After Conversion as a Condo
Under Hutton’s conversion plan, owners were able to lock in rates at 5%, reducing their monthly carrying costs by hundreds of dollars.
As part of the conversion, units appraised for almost 40% more as condos. 25 units sold immediately.
Hutton brought in two lenders who provided FHA & Fannie Mae loans, up to 96% loan-to-value.
Results From the Converstion of 109 Lefferts
Value as a Cooperative (40% Increase) $52,000
Add: Obligation (Fees & Closing Costs) $4,500
Total Investment $56,500
Condominium Values after Conversion $73,000
Net Increase in Wealth (Equity) $16,500