The $361 million the Moinian Group raised through a bond offering on the Tel Aviv Stock Exchange in May was the greatest confirmation of a growing trend in New York real estate financing: New York-based developers are increasingly looking to Israel’s debt market for funding.

Tapping the small-but-sophisticated corporate bond market —valued at $80 billion last year— is not an entirely new idea. It started nearly a decade ago as a novel approach for raising cash but has gained serious momentum in the last two years.

Moinian’s offering, valued at 1.4 billion Israeli shekels, set a record for the largest debt issuance in Israel to date by a U.S. real estate player. But it’s a record that isn’t likely to stand for long: Jeff Sutton’s Wharton Properties is planning a $500 million offering this summer, according to a prospectus issued in May.