While many real estate development companies are sitting on the sidelines waiting for the full recovery of the housing market, HornRock Properties, a rising development company just a few years old, sees opportunity and is using the foresight and vision of its two young-but-seasoned principals to take advantage of current conditions and gain a strong foothold in the mid-Atlantic region.
The Paramus, N.J.-based developer of residential and commercial properties has launched an aggressive acquisition program to significantly expand its portfolio in the Northeast and will look to acquire $125 million worth of real estate within the next 12 months. In alliance with Ontario-based developer Fieldgate Homes, HornRock Properties will pursue a variety of residential, commercial and mixed-use projects, with a focus on the New York/New Jersey urban and suburban markets.
The bullish acquisition philosophy of HornRock’s two principals – brothers Maurice and David Hornblass – certainly bucks the trend for many real estate developers who have scaled back investment strategies or delayed new opportunities and is an enterprising approach in today’s sluggish market.
“We’re well-positioned to move on viable opportunities concerning various asset classes, including condos, rentals, single-family, multi-family and distressed assets,” said David Hornblass. “Our alliance with Fieldgate Homes, one of the most successful and respected developers in the Canadian market, enables us to draw on significant financial resources to close deals quickly, without banks or other traditional lending sources.”
HornRock has assembled a distinguished team of acquisition, architecture, construction, management and marketing professionals to help meet its objectives and address challenges and opportunities during all market cycles and in all elements of the real estate development process.
HornRock has already completed its first acquisition with the purchase of home sites in a 450-home development in Central Valley, NY. Construction has commenced on the sites, which will feature expansive single-family homes and panoramic mountaintop views in a new residential neighborhood named HighPointe at Woodbury Junction. The community has quickly garnered the attention of the real estate industry recently being honored with a Silver Award from its peers at the National Association of Homebuilders.
“We have a long-term outlook on the market, so we’re leveraging our access to capital to gain a strong foothold in the northeast marketplace and complete projects quickly and efficiently,” notes Maurice Hornblass.
“We’re currently in discussions with representatives of the real estate community, development community, lending community, law firms and other real estate service providers to help us identify viable opportunities ranging from ground-up construction to redeveloping or repositioning assets. We focus on making the right deals and have the resources to close, an important ingredient in this market place.
“Sellers also appreciate that we’re fully committed to every project and are confident in our proven ability to complete various types of development activities, ranging from buying a piece of raw land, rezoning it and building it out to finishing a project that’s already 70 % complete. Our philosophy remains that as long as financial and market feasibilities make sense, we’re willing and ready to move forward on intelligent investment opportunities.”
Presently, HornRock Properties is negotiating a number of transactions that are expected to be completed in 2012.