NEW YORK CITY—MCR AND MORSE Development have secured a $230-million construction loan from M&T Bank and a group of lenders for their TWA Flight Center and TWA Hotel under construction at John F. Kennedy International Airport in Queens.
The project, which broke ground in December 2016, when completed will redevelop the iconic TWA Flight Center and construct a new TWA Hotel at John F. Kennedy International Airport. The two hotel structures are now topped out and the TWA Hotel is on schedule to open in the spring of 2019.
M&T Bank was the sole lead arranger and administrative agent for the multi-bank loan, with participation from Mercantil Bank, N.A., BMO Harris Bank N.A., Western Alliance Bank, Flushing Bank and Union Labor Life Insurance Co., on behalf of its separate accounts.
“JFK is one of the nation's busiest airports and a welcoming point to New York City,” says M&T Bank Long Island Market president Jason Lipiec “The re-imagination 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.”
The redevelopment will include a complete restoration of the treasured Eero Saarinen-designed midcentury modern landmark that will feature a museum showcasing New York as the birthplace of the Jet Age, the history of Trans World Airlines and the Midcentury Modern design movement. Designated a New York City landmark in 1994, the Flight Center was commissioned by Howard Hughes for Trans World Airlines and opened in 1962 and closed in 2001. The TWA Flight Center was listed on the National and New York State Registers of Historic Places in 2005.
“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,” says Tyler Morse, CEO of MCR and MORSE Development.
In addition to the museum, the TWA Hotel, which will have a 1962-era aesthetic throughout the property, will feature 512 guest rooms a 50,000-square-foot event center; six restaurants and eight bars, including a Lockheed Constellation “Connie” L-1649A Starliner repurposed as a cocktail lounge and positioned on the tarmac; a variety of high-end retailers and services; a rooftop pool; a 10,000-square-foot observation deck overlooking the runways; a 10,000-square-foot fitness center and other amenities.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
