Fortuna Realty ups debt to $58M from Goldman Sachs for hotel project 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 $58 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 30 West 39th Street also known as 19 West 38th Street in the Garment District. The deal closed on July 24, 2020 and was recorded on August 25, 2020.

Fortuna obtained a $9 million gap loan, which is on top of a $13 million gap loan obtained in May 2020 for the under-construction hotel project. The project is under construction and no certificate of occupancy has been applied for.

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