Massey Knakal and RiverOak form joint venture equity fund

Massey Knakal Realty Services and RiverOak Investment Corp., LLC have formed a joint venture equity fund called MKRO I, LLC. The capital target is $50 million, according to Stephen DeNardo, CEO of RiverOak Investment Corp., and James Nelson, partner at Massey Knakal. The fund will provide gap equity investments alongside experienced sponsors for properties located in the city, specifically Manhattan, Brooklyn, Queens and the Bronx. The fund will not invest at the asset level avoiding potential conflicts. The fund's leadership has a demonstrated expertise in creating value through the repositioning of assets typically in the $25 million and under range. George Yerrall, from RiverOak, and Robert Knakal and Paul Massey Jr. are also members of the general partnership who will sit on the investment committee alongside Nelson and DeNardo. "For years, we have recognized the need for an organized capital source concentrating on small to mid-size transactions. Typically, sponsors for these size opportunities will reach out to friends and family to raise money piecemeal. Now, they will have a direct source to proceed in an expeditious and effective manner," Nelson said. "With RiverOak's track record and experience coupled with our local knowledge and sourcing capabilities, we believe we have a winning partnership. We also look forward to providing a platform for our friends and clients to invest alongside us. This vehicle provides yet another service to our clients, strengthening our competitive advantage of only representing sellers/landlords with the depth of our territory knowledge," added Massey. Mr. DeNardo mirrors the above sentiments and adds, "we have significant experience with complex transactions requiring significant post acquisition repositioning where operating results and cash flow can be improved. We believe that New York City real estate projects offer significant opportunity for return on investment as the economy improves." Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,000 transactions having a market value in excess of $14 billion. Headquartered in Stamford, CT, RiverOak Investment Corp., LLC manages niche-focused real estate investments for institutional entities that are strategically driven, including private and public pension funds, family offices, endowments and foundations. RiverOak's business model creates a competitive advantage for its investors by bringing institutional experience to a traditionally entrepreneurial model and using a targeted solution methodology. All inquiries about MKRO can be directed to James Nelson at (212) 696-2500 or Stephen DeNardo at (203) 325-8009.