Sapir Corp raises USD 89 million from Israeli bond market for its NoMo SoHo hotel

Categories: Capital Markets

Sapir Corp. has issued approximately USD 89 million of Tel Aviv Stock Exchange traded bonds, secured by the NoMo Soho hotel in New York City.

Chapman and Cutler LLP served as counsel to Indenture Trustee, Mishmeret Trust Company Ltd., led by partner and Israel practice group leader Michael Friedman, with partner Meghann Salamasick and associates Carson Klarck and

Helena Honig.

The deal is a positive sign for Sapir, whose hotel like many struggled during Covid, as well as the Israeli bond market. A few years ago, New York developers flooded the Israeli bond market for cheap financing, but as large issuers missed interest payments to bondholders, demand fell away.

Read more here in the Real Deal.

Chapman and Cutler LLP

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