Fisher Brothers Seeks $100 Million in Israeli Bonds for $11.5 Million JPMorgan Stake Buyout
Updated
Updated · Yahoo Finance · Aug 24
Fisher Brothers Seeks $100 Million in Israeli Bonds for $11.5 Million JPMorgan Stake Buyout
1 articles · Updated · Yahoo Finance · Aug 24
Summary
$100 million in unsecured Israeli bonds is being raised by Fisher Brothers, partly to buy out JPMorgan Asset Management’s 49% stake in 605 Third Avenue.
The buyout would cost only about $11.5 million even though JPMorgan had sought a $425 million valuation, because the stake sits behind the tower’s $400 million senior mortgage.
The 43-story, 1 million-square-foot Midtown office building is 84% leased, and Fisher Brothers also plans to use the bond proceeds for capital spending, leasing costs and working capital across its portfolio.
Tel Aviv filings show Fisher Brothers had $5.4 billion in assets, $220 million in net operating income and $460 million in revenue at the end of 2025; the bonds carry a preliminary ilA+ rating and are expected to price at 6% to 6.5%.
The deal tests Israeli demand for U.S. real estate debt after recent market strain, including Simad Holdings’ May default, even as developers still turn to Israel for cheaper funding than many U.S. lenders offer.