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Bank Of America Provides $270M Loan For TWA Hotel At JFK Airport

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SOLD
$270,000,000

New York

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Other625,000 SF
Sold 07/20/2020
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SOLD

Bank Of America Provides $270M Loan For TWA Hotel At JFK Airport

Terminal 5, 6 Central Terminal Area, Jamaica, NY 11430, USA

See Similar Deals
Other625,000 SF
Sold 07/20/2020
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Other
Price Per Square Foot:$432
Total Square Footage:625,000 SF
Transaction Type:Sale

The Terminal 5 building at John F. Kennedy International Airport in Queens has undergone a transformation, becoming the new TWA Hotel. The project, spearheaded by MCR Development and Tyler Morse, cost approximately $265 million to complete. This hotel asset boasts 512 keys, offering a significant addition to the area's hospitality market.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $270,000,000
  • Address: Terminal 5, John F. Kennedy International Airport, Queens
  • Lender: Bank of America
  • Landlord: MCR Development - Tyler Morse

The collaboration between MCR Development and Tyler Morse was instrumental in the successful completion of the project. Bank of America provided the necessary financing, supporting the transformation of Terminal 5 into the TWA Hotel. This redevelopment effort has revitalized the former Trans World Airlines terminal, adding a significant asset to the hospitality industry in the Queens market.

Details

SOLD
IMAGE: Tyler Morse DATE: 07/20/2020 ADDRESS: Terminal 5, John F. Kennedy International Airport MARKET: Queens ASSET TYPE: Hotel LENDER: Bank of America LANDLORD: MCR Development – Tyler Morse LOAN AMOUNT: $270,000,000 KEYS: 512 NOTE: The project to turn the former Trans World Airlines terminal into the new TWA Hotel cost approx. $265M.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$14,400,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$959,252.97
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,279,937.75
Annual Debt Service$15,359,252.97