Bank Of America Provides $270M Loan For TWA Hotel At JFK Airport
Terminal 5, 6 Central Terminal Area, Jamaica, NY 11430, USA
$270,000,000
$432/SF
Building Size
625,000 SF
Asset Type
Other
Closing
Jul 19, 2020
About this deal
AI
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.
On the Map
$270,000,000
$432/SF
Other
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Players
Jamaica Other Market Snapshot
Boundary boundary · Other · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93