NEW YORK CITY—Madison Realty Capital reports it has provided another $32 million in financing for the St. John's Queens Hospital redevelopment project in Elmhurst. The new construction loan will facilitate the completion of construction of the mixed-use project being developed in Elmhurst.
In December of last year, Madison Realty provided $38 million in acquisition financing for the property at 90-02 Queens Blvd. bringing the total financing package provided to the unidentified sponsor to $70 million.
After the acquisition financing closed, MRC offered a conditional commitment to fund the remaining renovation of the property once the borrower received approvals on all building plans. Over the last eight months, the project achieved several construction milestones and is quickly nearing completion, Madison Realty reports. With the new construction funding, the sponsor intends to finish construction, obtain a certificate of occupancy and lease up the property. The 266,322-square-foot property was previously home to St. John's Queens Hospital, but has been closed since the hospital's operator filed for bankruptcy in 2009.
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