MADISON CLOSES $38M LOAN FOR ST. JOHN'S QUEENS HOSPITAL BUILDING
NEW YORK CITY — Madison Realty Capital has closed a $38 million first-mortgage bridge loan for the acquisition of the former St. John's Queens Hospital building at 90-02 Queens Boulevard in the Elmhurst neighborhood of Queens. The borrower plans to use the funds to redevelop the 266,322-square-foot medical facility, which has been closed since its operator went bankrupt in 2009. The new ownership, a group of mostly foreign investors led by developer Steve Wu, will repurpose the building, creating a mixed-use project that will include 144 residential units and 118,213 square feet of commercial and community space. The buyer also acquired the four-story, 89,601-square-foot parking garage located behind the hospital building, which features 290 parking spaces.