Fortuna Realty borrows $49M from Goldman Sachs to refi under-construction hotel in Garment District

Morris Moinian’s Fortuna Realty Group through the entity 26 West 39th LLC as borrower signed a loan agreement with lender Goldman Sachs Bank USA valued at $49 million for 30 West 39th Street, also known as 19 West 38th Street, in the Garment District. The deal closed on May 8, 2020 and was recorded on June 1, 2020.
Fortuna Realty Group obtained a $13 million gap loan as part of the refinance.
This is additional financing for an under-construction 299-key hotel at 30 West 39th Street. There has been no building loan filed on this project. The new building plans were filed in December 2016. The signatories were Morris Moinian of Fortuna and hotelier Morad Kalimian. Goldman Sachs was the prior lender as well.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Correction: In one mention in this post, the address was given incorrectly as 30 West 38th Street and was corrected to 30 West 39th Street.