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RiverOak Capital, LLC

Special Situations
CRE Credit
& Origination

Institutional-grade private credit and deal origination for middle-market commercial real estate. We identify, structure, and close complex transactions where traditional lenders cannot execute — targeting superior risk-adjusted returns across the capital stack.

Our Capabilities ROSS Fund I
$30B+
Transactions Completed
27+ yrs
Track Record
15%
Target Gross IRR
$15M+
Active AUM (ROSS)
Origination Streamline® Origination · Deploying Capital
About

A family of CRE finance companies built for complexity

RiverOak Capital, LLC and its affiliated platform, Streamline®, operate together as a vertically integrated commercial real estate private credit and deal origination platform.

We focus on transitional, special situation, construction, and pre-development opportunities where our structuring expertise and speed of execution create a decisive advantage. Our team has navigated multiple market cycles through disciplined underwriting and a relationship-driven approach.

The RiverOak Special Situations Fund I (ROSS) provides flexible credit capital — preferred equity, mezzanine, and senior debt — across asset classes, targeting an approximate 15% gross IRR through bespoke deal structures with an 8% preferred return for LPs.

Our Approach
01
Speed & Certainty of Execution
Our streamlined origination platform allows us to move from term sheet to closing faster than traditional lenders, without sacrificing diligence quality.
02
Structuring Expertise
We tailor capital solutions — senior debt, mezzanine, preferred equity, and A/B structures — aligned with each sponsor's business plan and exit strategy.
03
Relationship-Driven Capital
Repeat partnerships with brokers, sponsors, and co-lenders drive our deal flow. We operate with transparency and alignment at every stage of the transaction.
04
Technology-Enabled Origination
Streamline's proprietary origination platform combines systematic lead generation, credit analysis, and outreach workflows to identify opportunities at institutional scale.
Quick Reference

Target Investment Profile

A snapshot of the deals ROSS is built to execute — for brokers, sponsors, and prospective investors who want to understand our typical deal profile at a glance.

Asset Types
Multifamily · Industrial · Charter / Educational · Mixed-Use · Mobile Home Parks · Pre-Development Land
Investment Structures
Senior Bridge · Mezzanine · Preferred Equity · A/B Note Structures · Special Situations
Investment Size
$1M – $10M per position · Co-invest alongside institutional senior lenders · Total capitalizations up to $50M+
Target Returns
~15% gross IRR · 8% preferred return for LPs · Current pay + accrual structures · 1.2x–1.5x target multiple
Hold Period
12 – 36 months · Average realized hold: 21 months · Extensions negotiated where value-accretive
Geography
Nationwide · Active in NY Metro, Mid-Atlantic, Southeast, and Gulf Coast markets · No hard geographic constraints
Capabilities

Capital solutions across the full stack

We deploy capital in structures that match the complexity of the opportunity — from senior bridge loans to preferred equity and mezzanine on transitional and development assets.

◈
Bridge & Transitional Lending

Short-term senior and junior bridge financing for acquisitions, repositioning, lease-up, and conversion. Typical LTC up to 85%.

◈
Mezzanine & Preferred Equity

Structured subordinate capital targeting 14–18% gross IRR. We work behind institutional senior lenders with clear intercreditor alignment.

◈
Construction & Pre-Development

Ground-up and renovation financing for multifamily, workforce housing, and educational facilities underwritten to stabilized value.

◈
Special Situations

Note purchases, rescue capital, maturity extensions, and recapitalizations for assets facing operational, market, or structural complexity.

◈
Capital Markets Advisory

Placement advisory for CRE debt and equity. We source institutional, private credit, CMBS, and agency execution for middle-market sponsors.

◈
A/B & Syndication Structures

We structure A/B note splits enabling flexible risk retention and LP co-investment, and actively participate in loan purchase and syndication.

Q4 2025 Market

CRE capital markets — the strongest close in years

$936 billion in CRE loans mature in 2026 — the largest single-year wave on record. With the Fed on hold and a rate hike now possible, the case for disciplined private credit has never been clearer.

Maturing CRE Debt
$936B
CRE loans maturing in 2026 — the largest single-year wave on record, per S&P Global.
Private Credit Share
40%
Alt lenders' share of non-agency CRE closings in Q4, up sharply from 23%.
Refinancing Gap
~150bps
New CRE loans pricing at ~6.24% vs. 4.76% avg. on legacy maturing debt — forcing recapitalization.
Distressed Asset Pricing
60–80¢
Performing but stressed CRE assets trading at 60–80 cents on the dollar — creating disciplined entry points.
Rate Outlook (June 2026): The Fed held rates at 3.50–3.75% for the fourth consecutive meeting on June 17, with new Chair Kevin Warsh presiding. The dot plot flipped hawkish — 9 of 18 officials now project at least one rate hike before year-end, with the median 2026 projection rising to 3.8%. PCE inflation was revised to 3.6% for 2026. Markets are pricing a 25bps hike by October. $936 billion in maturing CRE debt in 2026 — the largest wave on record — is sustaining exceptional deal flow for disciplined private credit managers.
Active Portfolio & Case Studies

Selected transactions

ROSS has completed four exits, including Fort Meade MHP's 25.5% net IRR payoff in March 2026. The remaining $12.65M portfolio is actively managed with three exits projected in Q2–Q3 2026.

Charter School · Preferred Equity
530 W 215th Street
New York, NY — ~83,000 SF · Leasehold
Investment$3.0M Preferred Equity
LOI Sale Price$16.2M (School Premises)
TenantAmber Charter School · 35yr NNN
Bond FinancingTax-Exempt · In Process
Exit Q3 2026

Sponsor under LOI to sell School Premises to Amber Charter for $16.2M via tax-exempt bond financing. Mansion (daycare) portion retained. Target closing end of Q3 2026.

Multifamily Construction · Mezzanine
PADS 216 Workforce Studios
Charleston, SC — Medical District
Investment$2.0M Senior Mezz
Total Capitalization$39.98M · 78% LTC
Projected Net IRR14.23% · 1.42x
As-Complete Value$46.2M (Newmark)
Deployed · Closed Q4 2025

134-unit furnished studios opposite Medical University of South Carolina. Construction ahead of schedule — structural piles complete, concrete subcontractor mobilizing, trades buyout ~75% complete. RMWC senior at SOFR + 5.60%.

Mobile Home Park · Preferred Equity — REALIZED
Fort Meade MHP
Fort Meade, FL — 247-Lot Community · Exit March 2026
Investment$1.65M Preferred Equity
Realized Net IRR25.5% — Fund Best
Refinance Value$14.2M (3x acquisition)
Refinance$9.07M CMBS · Morgan Stanley
Fully Realized · March 2026

City-owned MHP, 73% occupied at acquisition with rents 45% below market. Wildflower Communities reduced delinquency from 23% to 1% within 90 days. Refinanced at $14.2M — nearly 3x the $4.85M acquisition price. Distributions returned to LPs in March 2026.

Charter School · Preferred Equity
801 Bartholdi Charter School
Bronx, New York — ~60,000 SF
Investment$1.5M Preferred Equity
LOI / Sale Price$54.5M
Bond ApprovalBuild NYC — Approved
Anticipated CloseJuly 2026
Exit Q3 2026

32-year sub-lease with Equality Charter School. Build NYC board approved $54.5M bond issuance. TCO expected June 2026; city closing anticipated July 2026.

Industrial Land · Senior Loan
135 Whitman Ave
Edison, NJ — 6.7-Acre Industrial Site
Investment$4.9M First Lien
Buyer Interest$9.0M – $9.5M range
Exit TimelineFall 2026 · Post Site Plan
Loan StatusExtension Negotiated · Enhanced Terms
Exit Fall 2026

Sponsor is pursuing a disposition in Fall 2026 upon updated site plan approval, with inbound interest from qualified buyers in the $9.0–$9.5M range — well above ROSS's $4.9M basis. ROSS has extended the existing loan through this process on improved economics, positioning the fund to benefit from the full upside of the site plan enhancement.

Multifamily + Retail · Mezzanine
Bay Manor Apartments
Kent Island, MD — Waterfront · 60 Units
Investment$1.25M Mezz
Occupancy82% Residential · 100% Retail
StrategyMezz Enforcement · Stabilize & Sell
Capital Stack PositionConducive to Strong Exit Return
Active Asset Management

ROSS is exercising its mezzanine enforcement rights to assume control of this well-located, 2024-built waterfront asset. With retail 100% leased and residential approaching stabilization at 82%, the path to a value-maximizing disposition is clear. ROSS's senior position in the mezz stack — supported by a well-structured intercreditor agreement — creates the foundation for a compelling return upon sale of a stabilized, income-producing asset.

Realized Returns · Portfolio
Completed Exits
ROSS Fund — Four Realized Investments · $6.25M Capital
Wtd. Avg. Net XIRR16.2% · 1.30x
Avg. Hold Period21 months
Pending Exits (Q2–Q3 2026)3 deals · $9.4M
Projected Wtd. Avg. XIRR13.3% on pending exits
Track Record

Four exits on $6.25M delivered 16.2% weighted average net XIRR and 1.30x multiple over an average 21-month hold. Three Q2–Q3 2026 payoffs projected at 13.3% XIRR on $9.4M.

Leadership

The team behind the platform

Decades of institutional CRE experience across origination, structuring, fund management, and capital markets — united under one integrated platform.

Louis Mirando
LM
Louis Mirando
Founder & Managing Member · CEO, Streamline®
Over 38 years of nationwide CRE lending experience, beginning at Chase Manhattan Bank and The Mutual Life Insurance Company of New York. Established joint ventures with Morgan Stanley, Credit Suisse, Nomura, and Och-Ziff. Co-founded Transatlantic Capital (JV with Deutsche Bank) and served as Co-Head and Managing Director of CMBS Originations at Eurohypo AG. Former Chair of Fordham University's Real Estate Institute Executive Advisory Council, adjunct professor at Villanova University, and inaugural member of the Villanova Real Estate DiLella Center. Directly responsible for over $4B in loan origination. Licensed Real Estate Broker.
LinkedIn Profile
Stephen DeNardo
SD
Stephen DeNardo
CEO & Founding Partner · RiverOak Capital, LLC
Over four decades of CRE investment, development, and management experience with a specialization in distressed asset turnarounds. Most recently Partner and SVP at ING, managing a $1B capital assets portfolio. Began career as COO of The Chrysler Building in New York City. Served as Partner or Principal in two national companies. Licensed CPA since 1978; B.S. Accounting, Fairleigh Dickinson University. Independent Director and Audit Committee Chair, Brookfield Property Partners.
LinkedIn Profile
John Mirando
JM
John Mirando
Managing Member · Head of Debt Originations
Managing Member of RiverOak Capital and Head of Originations at Streamline. Directly originated over $200M in floating-rate bridge loans, overseeing a pipeline that screens $10B+ in CRE debt opportunities annually. Previously at Iron Hound Capital (JV with Bank of New York), helping originate and sell $1.5B+ in CMBS loans. Former Financial Analyst at Barclays. Leads Streamline's technology-driven deal origination platform. B.S. Finance, St. John's University.
LinkedIn Profile
Mark Kelly
MK
Mark Kelly
SVP & Controller · RiverOak Capital, LLC
Responsible for accounting and taxation of RiverOak's funds and managed assets. Over 20 years of fund accounting experience across leading real estate platforms. Most recently Portfolio Controller at Ashkenazy Acquisition Corp. (3M SF retail). Previously Regional Controller at Broadway Partners (6M SF office) and Controller at Halpern Real Estate Development. B.S. Accounting, Fordham University.
LinkedIn Profile
Josie Martinez
JM
Josie Martinez
Assistant Vice President · RiverOak Investment Corp., LLC
Over 20 years with RiverOak, providing executive support to the CEO and senior leadership while serving as a key point of contact for investor relations. Manages communications and inquiries for current and prospective investors, maintains the investor database, and works with the CEO and Controller on the distribution of financial releases. Over 25 years of experience supporting C-suite executives in financial services, including investment and risk leadership at Genworth Financial (formerly GE Financial Assurance) and the CFO of Louis Dreyfus's North American Soft Commodities division. She holds an A.S. from Norwalk Community College. As the operational backbone of RiverOak's investor relations, she is often the first voice investors hear and the person who makes sure nothing falls through the cracks.
Contact
Powered by

Streamline®
Three Decades
of CRE Origination

Streamline®'s roots go back more than 30 years of national loan origination, with a combined 40 years of asset management and investment expertise among its principals. Since its founding in 2013, Streamline's Correspondent Lending Platform has closed and committed more than $1 billion in bridge loans across every major asset class nationwide, built on a broker and advisor network exceeding 5,000 active relationships.

That reach shows up in the pipeline: Streamline reviews and registers over $1 billion in formal loan requests every month, backed by more than 10 established correspondent relationships with blue-chip funding sources built over 20 years — including institutions like Morgan Stanley, Deutsche Bank, Nomura, and Fortress.

Beyond correspondent lending, Streamline operates a Special Situations Fund investing directly in mezzanine, b-notes, and preferred equity, and a Merchant Banking arm that pairs third-party capital providers with larger balance sheets — widening the range of deals available to our investors.

Streamline® is a nationally registered trademark.

Deal Origination Process
01
Deal Sourcing & Registration
Broker and sponsor outreach across our 5,000+ advisor network, with every opportunity logged into a centralized pipeline.
02
Due Diligence & Credit
Weekly internal and legal diligence calls, third-party report collection, and a robust credit memo process leading to committee approval.
03
Closing
Settlement finalization, legal sign-off, and funding coordinated through third-party title, with standardized documentation.
04
Loan Administration & Asset Management
Ongoing draw review, reserve tracking, borrower liquidity monitoring, and periodic site inspections through the life of the loan.
For Accredited Investors · RIAs · Wealth Managers

RiverOak Special Situations
Fund I (ROSS)

This section contains private placement information intended solely for accredited investors, registered investment advisers, and wealth management professionals with whom we have a pre-existing relationship. Access is by invitation only.

ROSS Fund I — Fund Information
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Why RiverOak

What Sets RiverOak Apart

For sponsors seeking certainty of execution and investors seeking risk-adjusted returns — here is why RiverOak is the right partner.

Speed & Certainty of Close

We move from term sheet to close in days, not months. Our structure — a dedicated fund with committed capital, streamlined credit decisions, and deep lender relationships — eliminates the delays that define institutional processes.

Structural Creativity

We design capital solutions — senior debt, mezzanine, preferred equity, A/B structures — aligned with each sponsor's business plan and exit strategy. We solve problems that off-the-shelf products cannot.

Cycle-Tested Team

Our principals collectively bring over 100 years of CRE investment, lending, and asset management experience across multiple cycles — having operated at the highest levels of institutional real estate finance.

Proven Track Record

Four realized exits delivering a 16.2% weighted average net XIRR and 1.30x multiple over a 21-month average hold. All positions underwritten conservatively to current cash flows — not projected rent growth or rate compression.

Integrated Origination Platform

Powered by Streamline®'s proprietary deal origination infrastructure — delivering institutional-scale deal screening and credit packaging for a middle-market-focused fund.

LP-First Structure

8% compounded preferred return before any GP promote. Waterfall designed to align management incentives with LP outcomes at every IRR threshold. We operate with transparency and alignment at every stage of the transaction.

What Clients Say

Trusted by leading brokers and sponsors

Our reputation is built on executing when it matters — complex structures, tight timelines, transparent communication from LOI to closing.

"

A complicated transaction that needed to close in a short time frame. Streamline was instrumental in making the due diligence process a smooth one. A pleasure working with their team.

Cliff Joyner
Senior Vice President, CBRE
"

Streamline provided a high level of reliability, efficiency, and transparency — managing the process expeditiously to fund within a tight time frame with the structure and proceeds necessary for the Borrower.

John Alascio
Executive Director, Cushman & Wakefield
"

Excellent communication at each stage, always informative and transparent. Streamline delivered with perfection and handled challenges and time constraints with poise.

Paul Gardner
Walker & Dunlop
Get in Touch

Ready to discuss your capital need?

Whether you are a sponsor seeking creative capital, a broker with a deal to place, or an investor interested in ROSS, we respond quickly and move faster.

Talk to Our Team Investor Inquiries
Origination & Advisory
jmirando@riveroakic.com
ROSS Investor Engagement
s.denardo@riveroakic.com
Phone
+1 (212) 620-2717
Office
1120 Avenue of the Americas, New York, NY

IMPORTANT DISCLOSURES: This website is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security. Any offering of interests in RiverOak Special Situations Fund I, LP ("ROSS") is made only to accredited investors (as defined under Rule 501 of Regulation D) with whom RiverOak Capital, LLC has a pre-existing substantive relationship, pursuant to Rule 506(b) of Regulation D under the Securities Act of 1933. Past performance is not indicative of future results. Projected returns, target IRRs, and forward-looking statements are based on assumptions that may not prove accurate; actual results may differ materially. All investments involve risk, including the possible loss of principal. This material has not been reviewed or approved by any regulatory authority. Prospective investors should carefully review the Fund's Private Placement Memorandum, Limited Partnership Agreement, and all related offering documents before making any investment decision and should consult with their own legal, tax, and financial advisors. IRR figures represent internal rate of return; XIRR figures represent extended internal rate of return calculated based on actual cash flow timing. Realized returns reflect completed investments only and are not a guarantee of future performance.