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199 State Street 199 State Street is located on the Rose Kennedy Greenway. The Rose Kennedy Greenway is a brand new park that was created when the Central Artery, with the majority of north/south automotive traffic, was moved underground as it went through downtown Boston in a project widely known as the "Big Dig". The property will consist of 12 residential half floors, some of which may be combined into 3000+ square foot apartments. The property is located one block from the Faneuil Hall shopping area. All of the 199 State Street condominiums face towards Boston Harbor and have partial Harbor views. When RiverOak invested in this property, 4 of the units were pre-sold. |
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RiverOak/Palmer Holding Company New Canaan, CT Palmer Design, LLC is a luxury home builder who is based in New Canaan, CT and builds exclusively in that town. Palmer builds 2 to 3 speculative homes per year. Given the rising cost of land in New Canaan, Palmer sought outside investment capital from RiverOak to provide for seamless transitions between transactions and financial flexibility concerning its opportunties. RiverOak has invested preferred equity in a holding company designed to fund the equity for 2-3 Palmer homes over the next 18 months. In a first for RiverOak, the first home RiverOak funded was pre-sold on the day the funds were invested, removing the sales risk from the transaction. RiverOak anticipates a 25.5% IRR on invested funds over an 18-month period. |
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18 E. 68th St. New York, NY 18 East 68th Street in New York City, just off Central Park between Fifth and Madison Avenues, is a luxury condominium conversion project. The stately Beaux Arts building, with much of the original ornate wall and floor finishes in very good condition, totals just over 14,000 square feet on 6 floors. 7,650 square feet were delivered either vacant or subject to market rent leases making the conversion process readily attainable. The purchase price of the building was $7.6 million. Our partners on this deal are the Rinzler family of New York City and Daniel Kingsford, also of New York, both of whom have extensive experience in Manhattan condominium conversion projects. Our partners have invested $1.5 million. RiverOak has made a preferred equity investment of $2.5 million in this project and expects an IRR of over 25%. |
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140 W. 124th St. New York, NY This property gives RiverOak the opportunity to participate on a preferred equity basis in a commercial loft conversion in the very tight West Harlem market. This property is targeted for nonprofit corporations, which is the major commercial activity in this neighborhood. Vacancy for this type of space is less than 7%. The building is an 8-story, 50,500 square foot brick and concrete structure that was a former commercial laundry.The property is 50% pre-leased at closing. Commerce Bank of New York is providing $5 million in construction financing. RiverOak is investing $1.5 million for an 18-month period. |
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Pickwick Plaza Greenwich, Connecticut Pickwick Plaza is a premier, 4-building, suburban office complex totaling 238,000 square feet at the top of Greenwich Avenue in Greenwich, Connecticut. The property is located in the heart of downtown Greenwich and has immediate access to many fine shops and restaurants. Pickwick Plaza is the "100%" location for such tenants as Morgan Stanley, US Trust Company, Merrill Lynch and Deutsche Bank, all of whom provide broad based wealth and money management services. The property is 100% leased and currently has an average in-place rental rate that is 30% below market. Recent, post-9/11 leases that have been signed at the property have averaged $68.00 per square foot. The managing partners, Broadway Partners and The Landis Group are very familiar to RiverOak, having successfully leased and refinanced 400 Atlantic Street in Stamford, CT, in which RiverOak's Fund I was an investor. The acquisition price for Pickwick was $115 million and the property closed in June of 2002. RiverOak has an "unpromoted" equity position in the deal. |
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The Ledges Apartments, Groton, Connecticut This property gives RiverOak the opportunity to participate on a preferred equity basis in a brand new apartment development in Groton, CT. This will be the first new project to be built in this market in 14 years. The current vacancy is only 5% at a time when the two Indian casinos have recently expanded, Pfizer has just completed their new research headquarters, and Electric Boat is expected to receive new government contracts. The developer, GRP of Stamford, CT has done a very thorough job of planning this development over the last three years. All zoning approvals are in place and a construction loan has been secured. Construction started on 8/15/02. Trammell Crow is expected to begin marketing the first units in early 2003. |
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400 Atlantic Street, Stamford, Connecticut The central business district of Stamford, CT is the home of 400 Atlantic Street; a 500,000 square foot, 15-story, Class-A office building. The building was built in 1980 as the home of Champion Paper Company. International Paper Company acquired Champion in early 2000 and decided to sell the asset while remaining the lead tenant. When RiverOak and its partners, Allegiance Capital Partners and The Landis Group, acquired the property in late 2000, International Paper agreed to occupy floors 12-15, leaving the building 45% vacant. This vacancy represented an enormous opportunity for RiverOak and its investors. All available space was rented in 2001, to solid credit tenants including American Express and Abbey National Bank. The building was refinanced in January of 2002, returning nearly twice the investors' initial equity. The property is ideally located one block from both I-95 and the Stamford Town Center Mall and two blocks from the Stamford Metro-North train station. Acquisition price was $105 million and the transaction closed on December 28, 2000. RiverOak has a "promoted" equity position in the deal. |
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200 Central Park Avenue, Hartsdale, New York Hartsdale is a 3-story, 45,284 square foot office building on 3.875 acres. The building was built in 1938 as a public school, The Webb School. It was converted in 1986 to an office building, and underwent a complete $4 million renovation. In 1987 the building won the prestigious Building Owners and Managers Association "Historic Building of the Year" award. Under our partnership's ownership, the building lobby and elevator have been renovated and the hallways have been refurbished. The building has steadily maintained a 98% rate of occupancy. Our partner in this transaction is Broadway Partners of Greenwich, CT. We closed on this investment in August of 2000. |
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SHEFFIELD OFFICE PARK Sheffield Office Park, Troy, Michigan Sheffield Office Park is an unusual opportunity for RiverOak to participate on the "developer's side of the deal". This means that beside our pro-rata share in the deal we also will own 28% of the developer's carried interest. This will significantly boost our returns. Sheffield is a 3-building, 517,146 square foot office complex in the Detroit suburb of Troy, Michigan. The property sits on a 28.2-acre campus adjacent to the K-Mart world headquarters and the recently expanded Somerset Collection Mall. It also borders the high-end executive community of Bloomfield Hills. RiverOak has a "promoted" interest in the property which is expected to mitigate the greater than expected vacancy in the building and the overall market. Building occupancy in October 2002 was approximately 85%, with the suburban Detroit sub-market showing very little vitality. |
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Allaire Corporate Campus, Wall Township, New Jersey Allaire is a 12.92-acre development parcel being purchased from a New Jersey utility company. The property is zoned commercial and is permitted for 108,000 square feet in two flex office/warehouse buildings. In partnership with Bollerman Development Corporation of Red Bank, New Jersey, two build-to-suits installations were completed in the last two years totaling 108,000 square feet. These buildings complete the site. In addition, the partnership owns an option on an adjacent 15-acre parcel, which it expects to exercise and develop during the 2003 to 2005 time period. |
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Saxon Woods Corporate Center, Harrison, New York Saxon Woods is a two building complex of 5 stories each, totaling 236,000 square feet on 15 acres in Harrison, New York. Harrison is located in the eastern end of the White Plains/Westchester County, New York market. The properties are strategically located at the intersection of Exit 23 of the Hutchinson River Parkway and Mamaroneck Avenue. With Route I-287 two miles to the north and Route I-95 one mile to the east, Saxon Woods enjoys convenient access to all major roadways in the area. At the time the properties were purchased in August 2001, the Harrison sub-market encompassed 2.1 million square feet and had a vacancy rate of approximately 2%. The market has experienced no significant speculative building for ten years. Despite the general condition of the economy in August 2001, the mid and long term picture for the property will be driven by the excellent location, solid transportation infrastructure and the lack of new office space supply. Significant tenants in the complex include Allstate, S & P, and Icon. Our partners in this deal are Broadway Partners, Antares and an affiliate of The Landis Group. RiverOak has a "promoted" equity position in this investment. |
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