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Sapir Organization gets $115M loan package to refinance NYC hotel

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Sapir Organization gets $115M loan package to refinance NYC hotel

The Sapir Organization LLC landed a $115 million loan package from Goldman Sachs to refinance a loan it received in 2015 to acquire the NoMo SoHo hotel in New York City, The Real Deal reported, citing property records.

The loan includes a $3 million gap mortgage from Goldman Sachs and $73.3 million from a Sapir entity, the publication added. The company obtained the original $180 million loan in 2015 from Credit Suisse, and Sapir bought the note in 2016 for $175 million.

Sapir was not able to receive more than $115 million because the hotel has been operating at a loss, according to the report, citing documents filed with the Tel Aviv Stock Exchange.