Iron Point Said to Buy Moinian Debt in Downtown New York W

Iron Point Titan Ventures LLC, a real estate private-equity firm, bought defaulted debt tied to downtown Manhattan’s W Hotel as funds seek distressed opportunities, according to a person briefed on the transaction.

Joseph Moinian, the developer who has amassed a $4.4 billion property portfolio since 2001, defaulted on the $25 million mezzanine loan in October 2009 and was negotiating with the servicer to rework terms, according to Real Capital Analytics Inc. Iron Point purchased the W Downtown Hotel & Residences debt at a discount last week, said the person, who asked not to be named because the sale wasn’t public.