The Witkoff Group’s Steven Witkoff and David Lichtenstein of the Lightstone Group are gearing up to follow Extell’s Gary Barnett by tapping the Israeli capital markets for debt.
Both developers are reportedly mulling bond offerings expected to generate 500 million shekels, or $141.6 million, each. Should Lichtenstein’s plans move forward, it would mark the eighth such offering by an American property developer on the Israeli market in recent months, according to Haaretz.
The Israeli market is one of few that is accessible to smaller companies not structured as real estate investment trusts. An increasing number are drawn by low interest rates and readily-available capital, according to the news site. So far this year, four U.S. property developers have raised a combined 2.5 billion shekels, or just over $709 million.
Extell’s bonds have risen 0.6 percent and are currently yielding 4.7 percent, according to Haaretz. [Haaretz] — Julie Strickland