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Developer secures $42M construction loan for medical office building


Knighthead Funding has originated a $42 million first mortgage loan for the construction of a seven-story medical office building on the site of a church in Astoria, Queens NY.
With the 24-month loan, the sponsor, a local partnership led by Emanuel Westfried and operating as Astoria Crescent Owner LLC, will move forward with the building (rendering top) that was set to begin construction when the Covid-19 pandemic hit last March.
The property is 65 percent pre-leased to Mt. Sinai Hospital.
Located at 30-14 Crescent Street across the street from Mt.
Sinai Hospital, the Church of the Redeemer was sold to the developer by the Arch ....

Emanuel Westfried , Astoria Crescent Owner , Arch Diocese Of Long Island , Knighthead Funding , Sinai Hospital , Long Island , அஸ்டோரியா பிறை ஓநர் , வளைவு மறைமாவட்டம் ஆஃப் நீண்டது தீவு , சினை மருத்துவமனை , நீண்டது தீவு ,