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Filling a key niche for investors and developers.

RiverOak Investment Corp., LLC is a seven year old real estate investment fund sponsor that occupies a vital and unique niche in the universe of equity players, insuring a competitive advantage for high net worth investors by bringing institutional experience to a traditionally entrepreneurial model and employing strategic targeting methodology.

Stephen DeNardo and George Yerrall are managing directors of RiverOak, which recently completed deployment of its oversubscribed third fund. The company, which provides gap equity to developers, concentrates its investment activities in the markets between Boston and Washington, DC. The Company looks at investments of up to $6 million, and average investments have been in the high $3 million area. The company's funds track the changes in the broader commercial real estate market. "We did a lot of office and some industrial in our first fund and more apartments and offices in our second fund," says DeNardo. The company recently has focused on the residential sector, including single-family properties and condos, and also made a hotel investment in Washington, DC.

It will seek to do more apartment and hotel deals in the near future, with some high-end housing in the New York metro area. "The residential market will continue to be good because so many units have been converted into condos and there is not a lot of new construction," DeNardo says. "The hotel sector will be good, especially in major cities."

DeNardo brings more than 25 years of real estate investment management, asset and portfolio management experience to RiverOak. He personally supervises the sponsorship of RiverOak investment funds for high net worth individual investors, small endowments and small pension funds.

Prior to founding RiverOak in 1999, DeNardo was a partner of ING Realty Partners, LLC, responsible for the asset and portfolio management of a $1 billion North American real estate portfolio for this ING value enhancement fund. In just two years, Steve assisted in the acquisition of 23 properties totaling approximately $200 million. He disposed of $100 million of various office, retail and garage assets and commenced the construction of five new development projects. He also restructured three different partnerships to protect ING equity positions. Under his stewardship, the company was reorganized, resulting in an annual savings of more than $500,000.

In 1995, Steve created, and served as President of, ARES Realty Capital, Inc. a wholly owned subsidiary of the Mutual Life Insurance Company of New York. In this position, he was responsible for business direction, strategic planning and overall management for this nationwide investment management company with $5 billion in real estate assets, both debt and equity. Prior to that, Steve served as Vice President of MONY Real Estate Investment Management, an integrated, multidiscipline real estate "company," which he helped develop within Mutual of New York. He had broad-based, strategic and decision making authority for a $5 billion real estate portfolio in the U.S.

He is a former member of the Board of Directors of the National Realty Committee, the Grand Central Partnership, and the Grand Central District Management Association. He is a former member of the Association of Foreign Investors in Real Estate, the Real Estate Investment Council, Urban Land Institute, Pension Real Estate Association, Real Estate Board of New York, and has been a guest lecturer at the New York Real Estate Institute.

He holds a BS degree in accounting from Fairleigh Dickinson University and is a certified public accountant.

George Yerrall is directly responsible for the discovery, research and negotiation of commercial real estate acquisitions for RiverOak. He is also responsible for the solicitation of new investors into RiverOak's private placement real estate equity investment funds.

Prior to joining RiverOak, Yerrall served as an executive at The Halleran Company, where he researched, planned and negotiated acquisition opportunities in the fields of Internet consumer commerce, luxury yachting and telecommunications. Prior to that, he was President of the Pecoy Development Company, Springfield, MA, responsible for the operation of this land development company in close relation to its affiliated residential construction company, for which he also managed the sales and marketing function. He was directly involved in $15 million in land and new home sales.

Yerrall is recognized for his sophisticated financial engineering abilities as they relate to complex real estate transactions. While serving as Assistant to the Chairman, First Winthrop Corporation, his accomplishments included the negotiation for the successful, tax-free swap of two portfolio properties for the land beneath the Gulf and Western building.

From 1986 to 1996, Yerrall was President and Majority Owner of Stearns and Yerrall, Inc., Springfield, MA.

In that position, he grew this residential real estate agency's sales from $52 million to $125 million and increased its market share from 4% to 17% in a primarily recessionary market.

He holds an MBA degree from Columbia University Graduate School of Business and a BA in economics from Amherst College.
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Title Annotation:PROFILE OF THE WEEK: Stephen DeNardo & George Yerrall, managing directors Riveroak Investment Corp., LLC
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Jun 14, 2006
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