M&T Bank has closed a $230-million construction loan to provide financing for MCR and MORSE Development’s transformation of the historic TWA Flight Center and construction of the TWA Hotel at John F. Kennedy International Airport. M&T 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.
“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,” said M&T VP Jason Lipiec.
MCR and MORSE CEO Tyler Morse said the execution of the loan “brings us one step closer to reviving this treasured landmark, and reopening it to the public for generations to come.”
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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