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Moinian Group eyes $500M bond issue in Tel Aviv

Firm would be latest NYC developer to tap into Israeli debt market

From left: 3 Hudson Boulevard, Joseph Moinian (credit: SCRIVO STUDIO) and the Tel Aviv Stock Exchange (credit: FLASH90)
From left: 3 Hudson Boulevard, Joseph Moinian (credit: SCRIVO STUDIO) and the Tel Aviv Stock Exchange (credit: FLASH90)

Developer Joseph Moinian’s Midtown-based firm Moinian Group is considering a $500 million bond issue on the Tel Aviv Stock Exchange.

Moinian, which owns roughly 15 million square feet of real estate in New York, held talks to review options and hire a Tel Aviv-based underwriter for the debt issue.

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The move would mark the seventh U.S. real estate firm to issue or plan to issue debt on the stock exchange there. If Moinian goes through with the bond offering, it would be the largest debt issuance  by any U.S. real estate company in Israel in recent memory, according to Globes.

Moinian’s biggest project in the works right now is a 1.7 million-square-foot Hudson Yards tower called 3 Hudson Boulevard.

Gary Barnett’s Extell Development raised $271 million on the Tel Aviv exchange in May, as The Real Deal reported. At the same time, Brookland Capital, co-founded by Boaz Gilad, also tapped Israel’s bond market to receive funding for domestic projects. [Globes] — Mark Maurer

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Joseph MoinianMoinian GroupTel Aviv Stock Exchange