NEW YORK CITY—Massey Knakal Realty Services and RiverOakCorp. LLC have formed a joint venture equity fund called MKRO I LLC. The capital target is $50 million.
The fund will provide gap equity investments alongside experienced sponsors for properties located in New York City, specifically Manhattan, Brooklyn, Queens and the Bronx. The fund will not invest at the asset level avoiding potential conflicts. The Fund’s leadership will look to create value through the repositioning of assets typically in the $25 million and under range.
George Yerrall from RiverOak, and Robert A. Knakal and Paul J. Massey Jr., are members of the general partnership who will sit on thecommittee alongside Stephen DeNardo (RiverOak) and James Nelson (Massey Knakal).
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. RiverOak Investment Corp., LLC manages niche-focused real estate investments for institutional entities, including private and public pension funds, family offices, endowments and foundations.