A memory device can include a strained single-crystalline silicon layer and an alternating stack of insulating layers and electrically conductive layers located over the strained single-crystalline silicon layer. A memory opening fill structure extending through the alternating stack may include an epitaxial silicon-containing pedestal channel portion, and a vertical semiconductor channel, and a vertical stack of memory elements located adjacent to the vertical semiconductor channel Additionally or alternatively, a drain region can include a semiconductor drain portion and a nickel-aluminum-semiconductor alloy drain portion.