Revamped TWA Flight Center at JFK lands $270M loan

The financing comes from Bank of America
By Eddie Small | June 20, 2019 02:30PM

MCR Development CEO Tyler Morse and a rendering of TWA Flight Center

MCR Development CEO Tyler Morse and a rendering of TWA Flight Center

MCR Development has refinanced its TWA Flight Center redevelopment within John F. Kennedy International Airport for $270 million.

The financing comes from Bank of America, according to property records. It refinances last year’s $230 million leasehold mortgage from M&T Bank and consolidates a new gap mortgage for $40 million.

The project to turn the former Trans World Airlines terminal into TWA Hotel cost roughly $265 million, according to the New York Times, and recently reopened with 512 hotel rooms starting at $249 per night, along with amenities including a rooftop infinity pool and 600 rotary phones.

This year also saw the JFK renovation efforts grow after Port Authority, American Airlines and British Airways agreed on a $344 million terminal expansion deal, which will add more gates to Terminal 8. Overall, renovations are estimated to reach $13 billion for the years-long project.