CASE STUDIES

In July 2025, InFin Capital acted as sole advisor to Summit on the $1.1bn sale of its holdings in Paz, one of Israel’s leading energy companies

The shares sold represent approximately 11% of Paz’s issued share capital and approximately 69% of Summit’s holdings in Paz

Summit retained approximately 529 thousand Paz shares, representing approximately 4.9% of Paz’s issued share capital

Summit granted a six-month option to acquire the remaining ~529,000 Paz shares at NIS 670 per share

Castellan Real Estate Partners is a U.S.-based open-end real estate debt fund specializing in short-term, first-position loans. Since its establishment in 2009, Castellan has completed approximately US$3 billion in investments and currently manages over US$1 billion in assets.

Castellan’s portfolio consists of approximately 60 loans with a total face value of ~US$360 million and fund-level equity of ~US$153 million.

Led by InFin, Castellan successfully issued ~US$130 million in its first bond issuance in Israel through two bond series: an unsecured Series A bond at 6.8% fixed ILS interest, and a secured Series B bond, backed by a 75% pledged loan portfolio, at 5.85% fixed ILS interest. The bonds were rated ilA2 and ilA1, respectively, by Midroog, a Moody’s subsidiary.

The offering attracted demand of ~$200 million, representing 200% of the initial target.

The proceeds were used to diversify Castellan’s capital sources, enhance financial flexibility, and support additional loan originations.

Encore Properties, a Dallas-based real estate investment firm, collaborated with InFin to execute a two-series public bond issuance totaling approximately $170 million (ILS 516.8 million) in 2017. The portfolio involved 23 assets valued at $580 million, with the issuance designed to buy out existing partners and replace high-cost debt with more favorable terms. The offering was highly successful, seeing 140% over-subscription and later expanding through an additional $20 million private placement in Israel.

Cornerstone, a Florida based real estate firm, is a private company, focused on affordable housing in South Florida. The company owns and manages ~14,000 affordable units.

Cornerstone Properties’ portfolio included 20 properties with an aggregate value of US$520 million and a total unit count of ~5,800 units. Led by InFin, Cornerstone Properties had successfully issued ~US$72 million as part of its initial bond offering in Tel Aviv Stock Exchange.

The bonds were rated as ilA1 (by Midroog) and were issued with a maturity of 4.5 years with a coupon of 4.9% (NIS fixed) and are currently traded at ~2.5%

The company used the proceeds for acquiring on of its funding partners and as equity for new development

The Klein Group is an income producing company who focuses on retail assets in New Jersey and Manhattan.

Led by InFin, the company had successfully issued over US$60m in 2 bond issuances in the Israel market.

As of the initial issuance, the company's portfolio included 21 assets with a total value of ~US$330m, a shareholder's equity of ~103m, and a total NOI of ~US$13m.
The company’s latest bond series were rated as iLA- (by S&P), and were issued for a maturity of 6 years at ~5.4% yield.

The bond proceeds are being used by the company for acquiring minority partners and for expanding the company's portfolio.

Recently, Klein Group refinanced part of its debt in Israel by a US$57m bond swap. According to the Offering, Klein Group offered Series A bondholders to purchase up to NIS 207,533,040 Series A bonds by way of an exchange offer, in consideration for Series B bonds, to be issued by means of an expansion of Series B. The exchange rate was set at of 1.07, and approximately 88.5% of series A bondholders accepted the offering.

Copperline Partners is a private company owned by the Schlesinger family. It has been active for over 50 years in the area of income producing real estate, where it has gained substantial experience, and was involved in multiple transactions. The company's headquarters are located in NY, with additional offices in Connecticut and Florida.

Led by InFin, Copperline Partners, had successfully issued ~US$185 million in 3 bond issuances.

The initial issuance included 23 portfolios with an aggregate value of US$675 million. Overall, there are ~3,000 residential units and 2 hotels generating an annual NOI of ~US$32m

Series A bonds received a rating of ilA (by S&P), were issued with a maturity of 5 years, and are currently traded at ~2.5% yield

During September 2016, about a year after the initial issuance, InFin had issued an additional ~US$20m in a secondary offering – expanding bond series A. The tender was extremely successful and gained a demand of over ~US$70m.

During February 2017, InFin led an issuance of Series B, for a duration of ~5 years and a final maturity on 2025. The successful tender had gained an over subscription of 300% of the initial issuance amount; which led to expanding the issuance to ~US$75m. The coupon of the new bonds was set at 5.1%