Knighthead Funding provides $42M construction loan in Astoria

The entity Astoria Crescent Owner LLC with signatory Emmanuel Westfried, as borrower signed a loan agreement with lender Knighthead Funding and others through the entity KHRE SMA Funding, LLC valued at $42 million for 1 parcel at 30-14 Crescent Street in Astoria. The deal closed on December 17, 2020 and was recorded on January 26, 2021.

The developer paid $10.8 million for the site. Knighthead assigned a $20 million participation interest to Jazz Reinsurance Company; $18 million to Equitable Life & Casualty Insurance Company and $4 million participation interest to Trans-Oceanic Life Insurance Co.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.

There has been one new building permit application.

There has been one demolition project filed for the parcels over the past five years.

Direct link to Acris document. link