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Infrastructure Investor: JFK’s Terminal 6 Project Reaches US$4.2bn Financial CloseNovember 22, 2022
The Terminal 6 project at John F. Kennedy International Airport received financial approval last week. The US$4.2 billion deal is the final piece of a redevelopment project at the airport. JFK Millennium Partners, a consortium of Corsair Infrastructure’s Vantage Airport Group, American Triple I, RXR and JetBlue, will develop the terminal, which is expected to open five gates in 2026 and five more in 2028. According to M. Elizabeth Dubeck, a partner at O’Melveny & Myers LLP, which represented the consortium, the pandemic had “a material effect on operational airport revenues, which were to be the source of funds to support [this project]… Something that helped JMP close on a revised deal was the Port Authority's renegotiation to extend the lease of the airport itself with the city. That extension gave investors a longer timeline to recoup their investments.”
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