NEW YORK CITY—The Moinian Group recently closed on a $361-million bond issuance on the Tel Aviv Stock Exchange and will use the proceeds to help finance a number of its New York City-based projects.
The debt offering was reportedly the largest by any U.S. real estate concern on the Tel Aviv exchange, according to the Real Deal.
The issuance closed at an interest rate of 4.2%. The issuance is backed by approximately 15 properties in the Moinian Group's New York City portfolio, including 3 Columbus Circle and 535-545 Fifth Ave.
The bond funds are expected to assist the firm's development projects at 220 11th Ave. in Chelsea and 572 11th Ave. in Hell's Kitchen, among others, according to Ori Eisenberg, partner with One Ha'am Capital, who advised on the financing transaction.
Others looking to tap the Israeli capital markets include Wharton Properties, which published a prospectus recently to raise $500 million on the Tel Aviv Stock Exchange. Extell Development and Stephen Ross' Related Cos. have also reportedly ventured into the Israeli stock market recently. See the full story in the Real Deal.
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