Moinian W Downtown debt sells

A real estate private equity firm has purchased developer Joseph Moinian’s defaulted debt tied to the W Downtown Hotel & Residences, according to Bloomberg News. The purchaser, Iron Point Titan Ventures, purchased the debt last week, according to a source close to the deal, although the sale has not yet been announced publicly. Moinian defaulted on the $25 million mezzanine loan last October. [Bloomberg]