Yoel Goldman scores record interest rate on latest Israeli bond issuance

All Year Management raised $165M backed by Bushwick development

TRD New York /
Feb.February 01, 2018 03:00 PM

Yoel Goldman’s All Year Management raised $165 million in a bond issue on the Israeli stock exchange, secured by a first position on a Bushwick development at the former Rheingold Brewery site, The Real Deal has learned.

The deal will carry a 3 percent interest rate, narrowly beating the previous record for the lowest coupon awarded to a U.S. company in Israel. That record holder was Moinian Group, which raised $167 million at a 3.05 percent interest rate last month.

Goldman plans to raise a total of $188 million, or 70 percent loan-to-value on the first phase of the Bushwick development, a 433-unit building at 123 Melrose Street, valued at $269 million.

The two-building development, designed by ODA New York, was valued at $432 million and $652 million once stabilized. It will include a total of 911 apartments, 131,554 square feet of retail space, and an 18,000-square-foot park.

The $165 million, or 87 percent of the total, was raised in the institutional tender and the remaining 13 percent will be offered in a public tender later this week. If he doesn’t hit his goal of $188 million in the public tender, Goldman will offer a private tender to make up the difference, according to sources close to the deal.

Rafi Lipa and Gal Amit of Victory Consulting advised Goldman on the deal, and Orion Underwriting, also owned by the Victory team, underwrote the deal.

Deals like Goldman’s have made the Israeli debt market a popular destination for U.S. companies, and the fat fees they’re willing to pay make it a sweet deal for the companies that advise them.


Related Articles

arrow_forward_ios

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Joel Schreiber (Credit: Shir Stein and Wikipedia)

WeWork’s first investor used his stock as collateral. Now his lenders are suing him

October Issue is Live

The Real Deal‘s October issue is now available to subscribers!

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

163 North 6th Street and the Tel Aviv Stock Exchange Bull (Credit: Google Maps, Wikipedia)

Joel Gluck’s Israeli bond issuance falls through as Williamsburg rental project faces financing crunch

NYC’s foreign investment landscape in the era of trade wars and heightened nationalism

Larry Silverstein and the Tel Aviv Stock Exchange (Credit: Getty Images)

Institutional investors swarm Silverstein’s new TASE bonds

arrow_forward_ios