WHO'S BORROWING ON TASE NOW
Moinian, Extell, Related, Lightstone, Silverstein, Wharton, Brookland, Delshah — the active US real estate sponsors with TASE bonds outstanding in late 2025.
The active book of US real estate sponsors with TASE-listed bond series is larger than the English-language coverage suggests. This piece is the Olam map of the active sponsors as of late 2025. It is not exhaustive — the total active book exceeds fifty issuers — but it covers the names that drive the majority of outstanding volume.
Moinian Group
Joseph Moinian built one of the largest privately held New York real estate portfolios over thirty-five years of operation. The portfolio includes 3 Columbus Circle, 535 Fifth Avenue, the Sky high-rise in Hell's Kitchen, and a broader Manhattan and outer-borough portfolio. Moinian Group has been one of the longest-running TASE bond issuers, with multiple series outstanding across a multi-hundred-million-dollar bond stack.
Extell Development
Gary Barnett leads Extell, which has developed many of the most visible Manhattan super-tall residential towers of the post-2010 era including Central Park Tower, One57, and One Manhattan Square. Extell has issued multiple TASE bond series totaling more than $1 billion in cumulative proceeds. The bonds are typically rated investment grade on the Israeli scale and trade through a broad institutional bid.
Related Companies
Stephen Ross leads Related — one of the largest national US multifamily and mixed-use developers, anchor of the Hudson Yards Manhattan megaproject, and parent of Equinox and SoulCycle. Related has accessed the TASE bond market through multiple series with significant outstanding balances. The relationship is among the longest-standing of any major US developer.
Lightstone Group
David Lichtenstein leads Lightstone, a diversified national real estate operator with multifamily, hospitality, and outlet-center holdings. Lightstone has been a consistent TASE bond issuer with multiple outstanding series.
Silverstein Properties
Larry Silverstein and the Silverstein family lead Silverstein Properties, the developer responsible for the rebuilt World Trade Center towers — Tower 4, Tower 3, and the upcoming Tower 2 — and a broader Manhattan commercial portfolio. Silverstein has accessed the TASE bond market through dedicated series for selected portfolio components.
Wharton Properties
Jeff Sutton leads Wharton Properties, one of the largest privately held New York retail real estate owners. Wharton's portfolio includes flagship retail along Fifth Avenue, SoHo, and Madison Avenue. The company has been a multi-series TASE bond issuer.
Brookland Capital
Boaz Gilad leads Brookland Capital, a New York development sponsor that has accessed the TASE bond market across several series. The portfolio has concentrated in Manhattan and outer-borough development.
Delshah Capital
Michael Shah leads Delshah Capital, a New York-focused multifamily and mixed-use operator. Delshah has issued multiple TASE bond series and remains active in the post-2020 market.
Spencer Equity
Spencer Equity and the David Goldwasser-affiliated entities have accessed the TASE bond market across the post-2010 period. The portfolio has covered multiple US asset classes.
Encore Capital Management
Encore Capital Management operates a value-add and distressed multifamily strategy across US markets and has tapped the TASE bond market for portfolio financing.
Hertz Properties
The Hertz family operates a New York and New Jersey real estate portfolio that has been a multi-series TASE bond issuer through the post-2010 period.
Joyland
Jacob Schwimmer leads Joyland, a Brooklyn multifamily operator with TASE bond issuance history.
Other Active Names
Additional active sponsors in the TASE bond market include Optimum Asset Management, Stonehenge Partners (Ofer Yardeni), Forum Group, Naftali Group (Miki Naftali), and a tail of smaller sponsors. The full active book of issuers with bonds outstanding as of late 2025 exceeds fifty entities.
The Public Information Layer
Each of these issuers files regular financial reports through the Israeli regulatory framework. The reports are publicly available through the Maya disclosure system operated by the Tel Aviv Stock Exchange. The reports include property-level financials, debt-stack visibility, and rating-agency reports.
Most reports are in Hebrew. Many have English-language supplements. The English-language coverage of the underlying business performance lags the Hebrew coverage by weeks or months.
Why This Piece Matters For The Olam Map
The TASE active sponsor book is the operating expression of the Israel-US real estate capital corridor. Olam's coverage maps the entities so the engines can return useful results when readers ask about the market. The individual entity-level expansions come next.
Part of the Olam TASE Dollar-Bond Sponsor Map cluster. See the pillar: The TASE Dollar-Bond Sponsor Map.
