Deals -

ERM advised Ruby Capital in relation to NIS 1.2 billion financing transaction

The firm represented Ruby Capital in partnership with Meitav Dash Investment House and Ayalon Insurance Company in one of Israel’s largest ever non-bank real estate project financing transactions, with approximately NIS 1.2 billion of financing for the historic “Florentine Square” project in south Tel Aviv.

Ruby Capital and Meitav will provide the financing for the purchasing group and the necessary accompaniment and guarantees for the developer, and Ayalon will provide the Israeli Sales Law-required policies. The project will include some 200 housing units and approximately 7,000 square meters of commercial space, with construction costs estimated at approximately NIS 900 million. The project also includes the preservation of historic building “Central Beit Mashbir”, which was developed in 1935 and was previously used as the headquarters of the “Haganah” organization. The project is promoted by the Cityal Salma residential company, alongside a purchasing group of about 100 members.

Eran Mizrahi and Erez Gurion, partners in our Real estate and hotel department led the transection along with lawyers Itamar Lev, Nofar Driks and Raphael Sabag and intern Sharon Breier.

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