M&T Bank has agreed to provide a US$230m construction loan to finance MCR and Morse Development’s TWA Hotel at John F Kennedy (JFK) International Airport, New York.
M&T Bank was the sole lead arranger and administrative agent for the multi-bank loan, with participation from Mercantil Bank, BMO Harris Bank Western Alliance Bank, Flushing Bank, and Union Labor Life Insurance Company.
Jason Lipiec, Long Island market president at M&T Bank, said, “JFK is one of the nation’s busiest airports and a welcoming point to New York City.
“The reimagination of the TWA Flight Center, which was one of New York City’s most prestigious transit icons when it opened in the early 1960s, will have a significant impact on JFK as the hotel will benefit both business and leisure travelers from across the globe.”
TWA Hotel will be JFK’s first on-site full-service hotel, featuring 512 rooms, six restaurants, eight bars, a fitness center and a 1960s-inspired aesthetic.
Tyler Morse, CEO of MCR and Morse Development, added, “The execution of this construction loan, facilitated by M&T Bank, brings us one step closer to reviving this treasured landmark and reopening it to the public for generations to come.”
Read more about the hotel’s design here.