Why US developers are tapping into a new bond market
US property companies are heading to Tel Aviv to access a new source of competitive capital
Back in 2006, Boaz Gilad, CEO of Brooklyn-based condominium developer Brookland Capital, met with a group of Israeli financial consultants to contemplate doing something that no US-based real estate owner or developer had done before: launch a bond in Israel to raise funds for US projects.
The concept was simple. Take advantage of the cheap cost of capital and liquidity of the Israeli bond market, then use money pooled from eager Israeli investors to fund the US projects.
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