NEW YORK CITY-After identifying a void in the small to mid-size transaction market on the capital side, two local investment firms are teaming up to raise $50 million for a new joint venture equity fund. New York City-based Massey Knakal Realty Services and Stamford, CT-based RiverOak Investment Corp. have launched MKRO I, LLC—a fund that will provide gap equity investments for properties located across Manhattan, Brooklyn, Queens and the Bronx.

“There is an enormous need for this in this space,” says James Nelson, a partner at Massey Knakal, who will lead the fund along with RiverOak’s CEO Stephen DeNardo. “This is something that we thought about doing for years.”

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