MCR Hotels signs $290M refi for TWA Hotel at JFK, up from $270M
TWA Hotel (Credit - MCR Hotels)
MCR Hotels through the entity Flight Center Hotel LLC as borrower signed a refi loan with lender Barclays through the entity Barclays Capital Real Estate Inc. valued at $290 million for the landmarked TWA Hotel building (T1) at 154-68 Brookville Boulevard in John F. Kennedy International Airport, Queens.
The deal closed on June 5, 2024 and was recorded on June 13, 2024. The prior lender was Bank of America which held debt that had an original loan amount of $270 million.
The signatory for MCR Hotels was William White. The signatory for Barclays was Adam Scotto. William White is CFO at MCR Hotels. This is the landmarked Saarinen-designed TWA terminal hotel.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation and $250 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on July 25, 2012. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of nine of the 12 commercial properties representing 17,441,279 square feet of the 17,441,279 square feet. The largest owner is Terreno Realty Corporation, followed by Realterm and then Port Authority Of New York And New Jersey.
On the tax block, there were four new building construction projects totaling 133,320 square feet. The largest is a 56,232 square-foot industrial (F-1) building submitted by Lorinda Logan with plans filed November 10, 2020 and it has not been permitted yet. The second largest is a 53,230 square-foot storage (S-2) building submitted by Bartlett Dairy and filed by Michael Becht with plans filed July 7, 2020 and permitted August 1, 2022.
The majority, or 98 percent of the 17.4 million square feet of built space are specialty buildings, with office buildings next occupying 1 percent of the space.
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