RiverOak Investment Corp. invests in Harlem building.RiverOak Investment Corp, Inc., a privately held real estate investment fund, announced its investment in the conversion of a former West Harlem commercial laundry into an eight-story office loft building designed for use primarily by not-for-profit theater and dance companies. RiverOak's Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Fund II, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , provided the developer Signature Partners, LLC of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , with $1.5 million of preferred equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. for the $7 million project located at 140 West 124th St. The acquisition and construction lender is CommerceBank. Completion of construction is expected in September 2004, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Signature Partners principal Robert Frost. Stephen DeNardo, managing director of Stamford, Conn.-based RiverOak, reported that two not-for-profit groups, Movement of the Heart and Ruth Williams Dance Studios, have already pre-leased approximately 50% of the building's 50,500 SF of loft space. DeNardo said, "We are delighted with this transaction because it meets our objectives from several perspectives. First, it fits our strategy of providing gap equity in the $1 million to $3 million range -- below the institutional investor's 'radar.' Second? we are very interested in value-added opportunities, and third, RiverOak operates best in tight markets like West Harlem where specialized knowledge is an advantage." |
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