NEW YORK—Meadow Partners has received a $30 million senior loan from PCCP LLC for the recapitalization and conversion of 42-15 Crescent Street, a 98,000-sq.-ft., nine-story office/retail building into a multifamily /retail project in Long Island City in Queens, N.Y.

The ownership plans to convert the property to a class-A multifamily/retail property, which will contain 124 units in the 10-story building. Constructed in 1953, the property is located across the East River from Midtown Manhattan.

Meadow acquired the property in December 2012 in an off-market, all-cash transaction and has plans to complete pre-development in the next few months. Upon completion of its renovations, the property will contain 124 residential units, as well as approximately 7,000 sq. ft. of penthouse space and 7,395 sq. ft. of ground-floor retail. Preliminary plans call for a mix of studio, one- and two-bedroom units, home offices and an average size of 723 sq. ft. Planned amenities include a 24-hour doorman, elevators, on-site laundry facilities, a fitness room and tenant lounge. The project is slated for delivery in early 2015.