PARAMUS, N.J. — Paramus-based HornRock Properties has plans to acquire $125 million in residential and commercial properties in the Northeast in the next 12 months, the company announced on Monday. In alliance with Ontario-based 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 company, owned by brothers Maurice and David Hornblass, has hired a team of acquisition, architecture, construction, management and marketing professionals to help meet its objectives and address challenges and opportunities.
“We’re well-positioned to move on viable opportunities concerning various asset classes, including condos, rentals, single-family, multifamily and distressed assets,” said David Hornblass, principal of HornRock Properties, in a prepared statement.
“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 bank or other traditional lending sources,” he said.
The company is working with real estate brokers, develops, lenders and other service providers to identify viable opportunities, including ground-up construction and redeveloping or repositioning assets.
“Sellers 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 percent complete,” said Maurice Hornblass, principal of HornRock Properties, in a prepared statement.
Hornblass continued, “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.”
— Savannah Duncan