Knighthead Funding Provides $42M Construction Loan for Medical Office Building in Queens

NEW YORK CITY — Knighthead Funding, a direct lender with offices in Connecticut and South Florida, has provided a $42 million construction loan for an 84,746-square-foot medical office building that will be located in the Astoria neighborhood of Queens. The borrower was a local partnership doing business as Astoria Crescent Owner LLC. Mount Sinai Health System, which has a hospital across the street, has signed a 30-year lease as the building’s anchor tenant, which brings its preleased occupancy rate to 65 percent. An expected completion date was not disclosed.