Ruby Capital

Since 2015, Ruby Capital has been providing real estate financing and investment solutions, earning a strong reputation for creativity, swift deal execution, and market expertise.
Backed by a stable capital base, the firm pursues high-quality real estate opportunities, primarily in Israel, and often in partnership with leading financial institutions. Its leadership team combines extensive experience across Israeli and global real estate markets with strong execution capabilities and a wide-reaching industry network.
As of Q1 2025, Ruby Capital manages approximately NIS 20 billion in active credit facilities, supporting the development of over 10,000 residential units across more than 30 municipalities.

Business Strategy

Ruby Capital provides developers with customized financial solutions and high-quality service, while at the same time maintaining a disciplined focus on financial stability and investor value. Every project is supported by advanced risk management tools for maximum downside protection. The firm’s partners invest significant personal capital in every project, reflecting their full alignment with client success.
Operating with a global business mindset, Ruby Capital is guided by a long-term vision and a strong belief in the power of the Israeli market. Each investment is approached with a sense of responsibility, entrepreneurship and Zionism, contributing to the country’s ongoing development.

Financing Solutions

Construction Loans in Partnership with Institutional Investors
Ruby Capital specializes in comprehensive construction financing in partnership with institutional investors. These tailored end-to-end solutions include senior debt, landowner loans in combination deals, Sales Law insurance, and required guarantees. To provide these guarantees, the firm collaborates with Israel’s leading insurance providers.
The firm mainly finances urban renewal and land combination projects frequently also offering solutions to legal and ownership challenges that commonly arise during these projects.
Financing for Purchase Groups and Private Landowners
Ruby Capital also provides tailored financing for purchasing groups and private landowners, offering effective solutions to address the unique complexities of these structures. A dedicated team oversees the process end-to-end, using advanced management tools and working closely with group organizers and members throughout.
Projects range from small-scale developments to large complexes with hundreds of units, across multiple regions in Israel. With disciplined underwriting, fast execution, and advanced risk assessment, Ruby Capital has become a leading player in this segment, driving groundbreaking projects.
Select Projects:
• Florentin Square, Tel Aviv
• Hatzlachat Yechezkel, Rishon LeZion (Elef District)
• Psagot Ayala, Rosh HaAyin.

Complete Financing Packages for Developers
To support developers at every stage, Ruby Capital offers a full range of financing solutions, including equity top-ups, bridge loans, pre-permit funding, and loans backed by project surpluses.

Sapir Real Estate Equity Funds
Ruby Capital’s Sapir Funds provide mid-sized and large developers with advanced equity solutions, combining capital from leading institutional and private investors. Acting as a financial partner, Sapir tailors its approach to each project, using creative profit-sharing structures that enable efficient capital use without diluting ownership.
The fund’s unique business model promotes effective project execution, risk diversification, and long-term financial stability. Focused on residential and urban renewal projects - areas, in which Ruby Capital has extensive expertise - Sapir helps developers scale and pursue multiple projects while maintaining business stability and a healthy financial footing.

The Executives

Ilan Rubinstein, Chairman and Founding Partner: Ilan held senior management roles at several real estate development firms with a focus on Manhattan and the greater New York area. He has been a partner in dozens of transactions totaling billions of U.S. dollars, including acquisition, financing, development, leasing, and asset management.
Gerson Schapiro, CEO and Founding Partner: Gerson founded an international metals trading company with offices throughout Europe, Asia, Africa, and the Middle East, also serving as the company’s CEO. During his tenure, he led the company to growth and commercial success. At the height of its operations the company reached an annual sales turnover of about USD 500 million. He also served in senior positions at various Israeli high-tech companies and played a central role in steering several of them towards successful exits.
Andrew Mestel, Founding Partner: Andrew has extensive experience in global trade, financing, and marketing of commodities and raw materials. He also has a track record of founding new businesses and consistently leading them to growth and commercial success. Andrew has been involved in the acquisition, finance, debt syndication, and management of real estate projects in Israel and the United States.
Yaakov Nitzan, CEO and Partner: Yaakov brings 25 years of deep experience in economics and real estate. At Harel Insurance, he built and led a financial support platform managing thousands of housing units and oversaw the firm’s non-traded real estate credit activity, with assets totaling billions of shekels. He also held senior roles in Israel’s financial sector, including heading the real estate divisions at Bank Otsar Ha-Hayal and the Mizrahi Group.
Omer Alpern, Partner: Omer is an expert in project finance and complex real estate asset financing. He partnered in and led numerous debt and equity fundraising processes for real estate, infrastructure, and energy ventures in Israel and abroad, totaling billions of shekels. At Ruby Capital, he is responsible for business development and for shaping the firm’s strategic and financial direction.

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