M&T Bank has closed a USD 230 million construction loan to finance MCR and MORSE Development´s transformation of the TWA Flight Center and construction of the TWA Hotel located at John F. Kennedy International Airport, the company said.
The redevelopment will include a complete restoration of the treasured Eero Saarinen-designed midcentury modern landmark to its 1962 glory and culminate in a one-of-a-kind experience transporting thousands of visitors each day to the magical Jet Age.
M&T Bank was the sole lead arranger and administrative agent for the multi-bank loan, with participation from Mercantile Bank, N.A., BMO Harris Bank N.A., Western Alliance Bank, Flushing Bank and Union Labor Life Insurance company, on behalf of its Separate Accounts.
M&T Bank Corporation (NYSE: MTB) is a financial holding company headquartered in Buffalo, New York. M&T´s principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T´s Wilmington Trust-affiliated companies and by M&T Bank.
MCR is the seventh largest hotel owner-operator in the United States with a USD 2.0 billion portfolio of 85 premium-branded hotels across 26 states and 67 cities, including The High Line Hotel, an adaptive reuse hotel, in Manhattan.