Knighthead Funding Provides $27M Construction Loan for Mixed-Use Project in Forest Hills, New York

FOREST HILLS, N.Y. — Knighthead Funding has provided a $27 million first mortgage construction loan to Paraag Sarva for the development of a mixed-use apartment building in Forest Hills. The loan is structured with a 36-month term, a prime-based floating rate and interest-only payments. Slated for completion in 2018, the development will feature 27 one-bedroom units and 19 two-bedroom units, with an average unit size of 975 square feet. Additionally, the property will feature 8,282 square feet of ground-floor retail space and a 23-car subterranean parking garage.