M&T Bank is playing a central role in financing the transformation of the landmark TWA Flight Center at John F. Kennedy International Airport in New York City into a hotel.
Buffalo-based M&T is providing $60 million of a $230 million construction loan to MCR and Morse Development for the project. M&T served as the lead arranger and administrative agent for the loan, which involves several banks.
The TWA Flight Center was commissioned by Howard Hughes and opened in 1962. The flight center closed in 2001, when TWA was bought by American Airlines, and is scheduled to reopen as the 512-room TWA Hotel in 2019. The property was added to the state and national registers of historic places in 2005.
Along with M&T, the project has another Buffalo connection. The TWA Flight Center was designed by Finnish architect Eero Saarinen. He and his father, Eliel, designed Kleinhans Music Hall.