609-448-3300 | Cell (Best Option): 609-658-6004 info@harvestate.com

July 15, 2014

To Whom It May Concern:

Harvestate Group and, specifically, Steve Patron turned my real estate lemons into lemonade.

Amboy Bank (“Bank”) is a 125 year old Community Bank whose core business is lending to residential builders. In 2007 we had over $1.1 billion in construction loans. By 2010 we had a combined total of $350 million in Other Real Estate Owned by the Bank known as OREO and Non Performing Loans.

When I met Steve, we worked through one project. Through that process it became clear that Steve his team possess a very unique skill set approach to repositioning failed developments. As a private bank, we have never been a distressed seller and we always wanted a chance to fully monetize Non Performing Assets, which meant putting an additional investment in them. We never wanted to be in the development business, but by default we were.

Steve and I have worked together daily over the last several years. He has developed and delivered on the most ambitious recovery plans and has produced consistent results. Along the way, he has again and again proven his commitment to the Bank and has always maintained our best interest.

Because of Steve and his team of professionals, the Bank has fully recovered from the “Great Recession” and is in the business of lending again to developers builders of real estate. I cannot thank Steve enough for his dedication to our recovery.

Please give me a call anytime at 732-970-2003, so I can share with you my experiences with Harvestate Group and Steve Patron.


Stanley J. Koreyva, Jr.

Executive Vice President & COO

July 17, 2014

To Whom It May Concern,

Working with Steve Patron and the Harvestate Group team has become a valuable tool in repositioning our company business in a changing environment.

I have had the distinct pleasure of knowing Steve personally and professionally for over two decades, and we have served together on various boards in New Jersey and nationally, and worked on a number of opportunities throughout the state.

For 50 years, JS Hovnanian & Sons has been a family owned business focused on developing award winning communities including over 6,500 residential units, as well as retail, industrial, office, and assisted living projects.

The commercial lending markets have changed and when the larger lenders with whom we had long lasting relationships decided they were no longer financing certain aspects of new residential communities, we found ourselves looking for new funding sources.

Fortunately after speaking with Steve his team, they offered an alternative solution which provided us with a new platform that worked. We replaced debt with equity and it has been a seamless process and sound decision.

Our first joint venture has proven to be a strong foundation on which we are building one of our most successful communities and is an excellent example of how a project can perform when the necessary funding is in place. This is the first time we have gone outside of the conventional financing world.

We look forward to our next opportunity to work together and have a variety of new exciting communities scheduled to start in the future. Because of its success, we plan to use the business model we jointly developed with Harvestate to be the standard for JS Hovnanian & Sons moving forward.

I am more than happy to share my experiences with anyone who is interested. Please feel free to call me.


Peter J. Hovnanian


900 Birchfield Drive Mt. Laurel, NJ 08054