NEW YORK CITY—Madison Realty Capital reports ithas 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 ofconstruction of the mixed-use project being developed inElmhurst.

In December of last year, Madison Realty provided $38 million inacquisition financing for the property at 90-02 Queens Blvd.bringing the total financing package provided to the unidentifiedsponsor to $70 million.

After the acquisition financing closed, MRC offered aconditional commitment to fund the remaining renovation of theproperty once the borrower received approvals on all buildingplans. Over the last eight months, the project achieved severalconstruction milestones and is quickly nearing completion, MadisonRealty reports. With the new construction funding, the sponsorintends to finish construction, obtain a certificate of occupancyand lease up the property. The 266,322-square-foot property waspreviously home to St. John's Queens Hospital, but has been closedsince the hospital's operator filed for bankruptcy in 2009.