Homestake Capital backs Hoboken Brownstone Company on Jersey City project
Monmouth County-based investment firm breaks into the Jersey City market.
BRIELLE, NJ – Homestake Capital, LLC (“Homestake”), a boutique real estate investment firm in Monmouth County, NJ, completed its first transaction with Hoboken Brownstone Company (“HBC”), a Jersey City based developer, earlier this year by providing them with growth capital for a Jersey City project.
“Three years ago, we wanted to venture into the improving Jersey City market,” said Michael J. Kokes, Managing Principal of Homestake Capital, LLC. “After extensive due diligence, we were given the opportunity to partner with Hoboken Brownstone Company to source a parcel located on 8th Street in Jersey City. At the time, the site was on the fringe of development. We worked with HBC to secure entitlements for a five-unit brownstone condominium building.”
“Homestake is not your typical investment firm and Michael is not your typical investor,” said George Vallone, President of HBCo. “Michael grew up in the building industry and really takes the time to examine every aspect of the project. I call him an ‘investor plus plus’. You get the advantage of having his capital, but also his experience and market knowledge.”
Together, HBC and Homestake got all the building and environmental approvals in place to build the five-unit brownstone in Jersey City, that’s when another developer showed interest in the project. “We got everything shovel ready, then we sold it to another developer based on various market conditions,” said George Vallone, President of HBC. “Michael’s flexibility and entrepreneurism allowed us to alter our original plan, which ultimately provided us a great result.”
From start to finish, the Jersey City project took only 24 months to flip.
“Throughout the process, Homestake went through all of the assumptions and provided input on each one,” Vallone continued. “We did everything but build and sell. It was extremely successful for all parties involved.”
Looking to the future, Homestake and HBC are vetting three different deals together. “I will always offer my projects to Homestake first,” said Vallone. “Michael is extremely forthcoming and generous with his time and input. That’s just the type of person he is and business he runs.”
For those searching for capital, Vallone urges you to call Homestake first. “If you are looking for an investment firm that is hands on and will add unprecedented value to your project, there is no better company than Homestake Capital. They will do more than their due diligence to make sure that everyone wins.”
About Homestake Capital, LLC
Homestake Capital, LLC, a boutique real estate investment firm located in Monmouth County, New Jersey, is focused on providing direct investment and non-traditional lending to residential and commercial developers. Homestake further adds value by providing development and building experience to the sponsor or borrower. Homestake’s unique niche is providing capital for projects that are too big for one investor, but too “small” for a traditional institutional investor. To learn more, visit https://homestakecapital.com.