Moinian Group, Justin Adelipour, Jacob Orfali sign $31.8M refi for hotel in Midtown West

Moinian Group, Justin Adelipour and Jacob Orfali through the entity Hotel Mela , LLC as borrower signed a refi loan with lender Wells Fargo valued at $31.8 million for the Aura Hotel Times Square building (H3) at 120 West 44th Street in Midtown West, Manhattan.
The deal closed on December 5, 2025 and was recorded on December 22, 2025. The prior lender was Series 2017-CD6 which held debt that had an original loan amount of $31.8 million.The property has 99,109 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $320 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for the borrowers was Justin Adelipour . The signatory for Wells Fargo was Jeffrey L. Cirillo .

Prior sales, articles and revenue

The 99,109-square-foot property generated revenue of $17.4 million or $175 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Midtown West has 99,109 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,500 square feet. The zoning is C6-5.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $40.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $3,825 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 22, 2012. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 3rd highest sale turnover among other neighborhoods in the city with $2.6 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 38.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 51 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other hotel buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 10 of the 14 commercial properties representing 1,795,047 square feet of the 2,068,863 square feet. The largest owner is Durst Organization, followed by Tamares Group and then Moinian Group.
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 2.1 million square feet of built space are office buildings, with hotel buildings next occupying 18 percent of the space.

The borrower

The PincusCo database currently indicates that Capstone Equities owned at least nine commercial properties in New York City with 1,212,286 square feet and a city-determined market value of $219.4 million. (Market value is typically about 50% of actual value.) The portfolio has $296.8 million in debt, with top three lenders as Corebridge Financial, Argentic Investment Management, and Prosperity Life Group respectively. Within the portfolio, the bulk, or 66 percent of the 1,212,286 square feet of built space are office properties, with hotel properties next occupying 34 percent of the space. The bulk, or 59 percent of the built space, is in Brooklyn, with Manhattan next at 41 percent of the space.

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