What is the time table of the conversion once you officially are authorized to move forward?
Upon the approval of the condominium conversion plan and related by-law amendments by at least 2/3rd of the eligible shares, we will proceed to the next phase of the conversion process, including Fannie Mae approval, finalization of the governing documents, DCA approval or exemption and loan applications for owners. The typical time frame for this phase is three to five months. Immediately thereafter, conversion closings will take place within a short window (typically two to three weeks) which will end with the payoff of the Group Mortgage and the filing of individual unit deeds.
