Developer secures $ 42 million construction loan for medical office building

Knighthead Funding has provided an initial mortgage of $ 42 million 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 (made tall) that was to begin construction when the pandemic of Covid-19 struck last March. .

The property is 65 percent pre-let to the Mount Sinai Hospital.

Located at 30-14 Crescent Street across from Mount Sinai Hospital, the Church of the Redeemer was sold to the developer by the Archdiocese of Long Island for $ 10.8 million in December 2020.

The church had previously obtained its own approval to transform the building into a new, seven-story, 84,746 s / f medical center with an underground parking lot for 101 cars and a storage area for 15 bicycles. Previous plans showed that an outpatient diagnostic or treatment healthcare facility would occupy most of the building.

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