STEPHEN A. PATRON
Managing Partner – Harvestate Group, LLC (www.harvestate.com)
President & Chief Executive Officer – Paradigm Realty Alliance, LLC (www.paradigmcompanies.com)
Mr. Patron is a second-generation builder developer with over 40 years of general residential development experience that includes a rich history of redevelopment with residentially driven mixed-use. Mr. Patron has spoken regionally and nationally on such topics as redevelopment, multi-family urban mixed-use, and has testified before numerous New Jersey Senate Assembly Committees. Mr Patron is responsible for identifying urban and suburban residential development opportunities and real estate trends throughout the Northeast. Mr. Patron oversees contract negotiations, positioning of the development opportunity /or investment interest, securing approvals entitlements, structuring strategic partnerships, and the eventual development or disposition of the projects.
In 2008, recognizing a growing market niche, Mr. Patron moved his focus to asset recovery of troubled projects, non-performing loans with a strategy of repositioning the individual assets, and recapitalizing projects to maximize returns to the lending investment community. Harvestate Group, LLC was created to build that platform. Today, Harvestate has completed and is leading the repositioning asset recovery of over $250,000,000 of Non-Performing Loans (NPL) Real Estate Owned (REO).
In addition to asset recovery, Harvestate Group, LLC works with a select group of high net worth individuals to recapitalize viable development projects and provide equity to well positioned opportunities. Over the last 2 years Harvestate Group, LLC has led and is managing the deployment of approximately $25,000,000 into various projects with an overall market value of over $350M.
New Jersey Builder’s Association
- Past President (during tenure was responsible for The Permit Extension Act of 2008 and the Conversion of Age-Restricted Housing Bill of 2009.)
- Legislative Affairs Committee
- NJBA Political Action Committee
Central Jersey Builder’s Association 2 Term Past President
Panel Speaker (numerous National Regional seminars on residentially driven mixed use projects, redevelopment projects repositioning failed assets)
- National Association of Home Builders
- Mortgage Bankers Association
- Atlantic Builders Conference
- New Jersey Banker’s Association
- New Jersey Builder’s Association
Select Project Summary
Visions at the Shore:
Led the repositioning of a failed 269-unit age-restricted condominium project in Absecon, NJ. Directly assembled and managed a team of highly skilled professionals through negotiation and litigation to obtain all the approvals and entitlements necessary for the conversion of the 269 age-restricted units into a rental community of 442 apartments, 75% of which are all age, including 60 affordable units partially funded with Superstorm Sandy monies. Construction is ongoing.
In 2012 put together a team that was designated the redeveloper of the waterfront in Keansburg, Monmouth County, New Jersey that consists of municipally owned property a failed privately-owned project. The project consists of approximately 150 waterfront townhouses community center including the relocation of municipal parking various improvements along the waterfront. The project will require the adoption of a revised redevelopment plan the redesign entitlement of the project. Construction will commence in 2016.
The National at Old City:
Acquired 2.5 acres of property located in the heart of the historic district in Old City, Philadelphia. Initiated redevelopment of vacant property abandoned buildings into mixed use project consisting of 300 residential units, 25,000 square feet of retail, and underground parking for over 300 cars. Handled all aspects of development including contractual negotiations, coordination of the development team led planning, design positioning of the project with all local City agencies special interest groups to obtain zoning variances approvals. Partnered with K Hovnanian for the development sell out of Phase I.
Monmouth & West Streets, Red bank, NJ
Led the repositioning of a failed mixed-use project that increased the density four-fold eliminated components of the projects that made it financially unfeasible. Introduce the first car-share service along the shore transit line. Project is built is occupied.
Ocean Mile Development Group:
Chief Executive Officer of City designated redeveloper of Asbury Park, New Jersey (1990 to 1992). Oversaw all approvals handled all development issues for 1.25 mile mixed-use ocean front redevelopment initiative including renovations to the Convention Center Paramount Theater. Worked directly with all State, County, and City Waterfront Development Authority officials.
The Woods at Monroe:
Acquired interest in various properties in Monroe Township. Successfully negotiated a partnership agreement with all property owners to consolidate, rezone, and resubdivide an 80 year old “wildcat” subdivision into a 101 residential lot development. Handled all aspects of project negotiations, planning approvals with various State, County local agencies boards to create a $65M residential subdivision.
Acquired the interest of a defunct bank in the development of a 149 unit townhouse project in Jamesburg, New Jersey. Two-thirds of the project had been completed before the original developer went bankrupt the bank ceased doing business. Successfully cleared title to the balance of the development, changed the product to reflect current market conditions amended all documents approvals, including special amendments to the HOA documents from DCA, to allow for completion of the project.
Various Residential Projects:
Handled all aspects of site identification, contract negotiations, team building, obtained all State, County local permitting approvals including use density variances for the development of over 1,000 residential units in various subdivisions consisting of high density medium density single family homes townhouses:
- Valley View, Monroe Township, NJ
- Quarry Cove, Jamesburg, NJ
- Parkside at Thompson Park, Jamesburg, NJ
- Parkside at Plainsboro, Plainsboro, NJ
- The Woodlands, Franklin Township, NJ
- The Woodlands, Monroe Township, NJ
- The Woodlands at Millstone, Millstone, NJ
- Deerfield, Monroe Township, NJ