Massey Knakal And RiverOak Partnership Invest in Bushwick Rental Building
Massey Knakal Realty Services and RiverOak Investment Corp., LLC, announced today that the companies’ partnership, MKRO I, has provided gap equity financing for a rental building located in Bushwick. The $3,480,000 investment was made on behalf of MKRO I, the partnership’s value-added real estate fund that targets commercial real estate investments in New York City. DSA Realty Services has partnered with MKRO I, LLC on this investment. Arik Lifshitz, CEO of DSA Realty Services oversaw the investment.
The approximately 57,125 square-foot, 37-unit property holds ground-floor duplex apartments and a roof deck.
“We are very excited about this opportunity and its potential to contribute value for our investors,” commented Steve DeNardo, Chief Executive Officer of RiverOak. “Bushwick has experienced growing demand and strengthening real estate fundamentals. Vacancy is low, demand is growing, and a lack of new supply is pressing rents upwards.”
This was MKRO I’s second investment after providing equity for an acquisition of 200 units in Harlem earlier in the year. "By making equity investments of $2-7 million, we have found a great niche for ourselves, where little if no organized capital exists," said James P. Nelson, Partner at Massey Knakal. “MKRO is happy to have provided gap equity financing to a quality sponsor who is taking advantage of Brooklyn's renaissance. This is our second direct financing in recent months which will bolster all our Capital Services activities,” added Paul J. Massey, Jr., CEO at Massey Knakal.
MASSEY KNAKAL REALTY SERVICES
Founded in 1988, Massey Knakal Realty Services is a diversified real estate firm that focuses exclusively on the New York Metro area in representing owners in the sale, retail leasing or financing of their property. With more than 150 real estate real estate professionals, Massey Knakal has been New York’s leading investment sales by volume since 2001. Since 1988, the firm has transacted approximately 4,500 assignments with an aggregate value of more than $17 billion.
RIVEROAK INVESTMENT CORP, LLC
Founded in 1999 and headquartered in Stamford, CT, RiverOak Investment Corp., LLC is an investment management firm focused on providing joint venture equity to best-in-class local sponsors and operators in value-added commercial real estate throughout the Northeast corridor. RiverOak is focused on creating significant returns for its investors through strategic value-added acquisition, development, capitalization, repositioning and management of real estate assets.