An elevation rendering of a five-unit brownstone on 8th Street in Jersey City — Courtesy: Homestake Capital
By Joshua Burd
Homestake Capital LLC, a boutique real estate investment firm, has made its entrance to Jersey City with a recent joint venture with Hoboken Brownstone Co.
The Brielle-based firm announced last week that it provided growth capital to HBC for a five-unit for-sale project near the city’s downtown. Together, the firms secured building and environmental approvals before selling the site to another developer.
“Three years ago, we wanted to venture into the improving Jersey City market,” said Michael J. Kokes, managing principal of Homestake Capital. “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.”
The project took 24 months, according to a news release. Homestake and HBC are now vetting three different deals together.
“Homestake is not your typical investment firm and Michael is not your typical investor,” said George Vallone, president of HBC. “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.”