An equity fund formed by Massey Knakal Realty Services and RiverOak Investment at the end of 2011 is gearing up to begin closing deals this spring, Crain’s reported.
The fund, which currently sits at $6 million but is slated to raise around $50 million, will specialize in providing $3 million to $5 million for small- and mid-sized deals in New York City valued up to $25 million.
“Coming out of the recession we thought New York was the best place to be,” said Stephen DeNardo, CEO of RiverOak, who said the firm had partnered with Massey Knakal because of its knowledge of mid-market New York deals. “It’s easier to raise money when you are investing in New York because it is recognized as the place to be now.”
Paul Massey, founder of the commercial brokerage, said the fund would be ideal for some of the company’s clients who are looking for equity to close these kinds of deals.
“Now we can be a one-stop shop,” he said. [Crain’s]