U.S. counsel for New England Based Real Estate Investment Company in $114M Tel Aviv Stock Exchange Financing Deal
By: John H. Sokul, Jr.
Served as U.S. counsel to a New England based Real Estate Investment company, Waterstone Property Group, which raised $114 million dollars in a bond offering on the Tel Aviv Stock Exchange in Israel. The client is the first Massachusetts Real Estate company to successfully issue debt on the Tel Aviv Stock Exchange.
The transaction involved 49 income producing properties in twelve states. The membership interests in the U.S. entities which owned the real estate were transferred into a newly created British Virgin Islands holding company which was the bond issuer.
Hinckley Allen worked in connection with the bond issuance which included real estate, tax, corporate, securities, due diligence, finance, opinions, and other related services. The debt is non-recourse and the borrower will pay interest at rates much less than rates for mezzanine financing in the U.S.