The advisors, Gal Amit and Rafael Lipa of Victory Consulting, helped developers raise more roughly $1.3 billion through the Israeli bond market for New York projects. They’ve advised on 7 of the 10 deals done by these players and serve as the gateway to a source of funds that is rapidly growing in appeal.
The financial crisis, as well as traditionally higher interest rates in Israel, kept U.S. developers out of the action for a few years after Leser’s first issuance. But in 2014, the floodgates opened; Barnett’s Extell Development raised $271 million with its first offering – eventually raising more through subsequent issuances – while Gilad’s Brookland Capital raised $35 million. Stephen Ross’ Related Cos., which raised around $221 million, and Lichtenstein’s Lightstone Group, which raised $120 million, were among the companies who followed them earlier this year, as did the Moinian Group, which raised $361 million.