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Debt & Equity

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 Diocese of Long Island for $10.8 million in December 2020.

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

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