Ground has been broken on the $9.5 billion New Terminal One (NTO) at John F. Kennedy International Airport (JFK). This state-of-the-art terminal will replace the current Terminal 1 and expand across Terminals 2 and 3 to become the largest terminal at the airport.

The financing of the 2.4 million square foot project, which will serve international travel exclusively, was led by MUFG. The team acted as Financial Advisor to NTO as well as Left Lead for a group of Coordinating Lead Arrangers (CLAs) on the underwriting. MUFG also served as Administrative Agent, Collateral Agent, and Account Bank for the financing.

“This is a marquee transaction for the broader U.S. infrastructure market and the New York area in particular,” says Dan Seltzer, Managing Director on the Project Finance team. “We are excited to have supported this consortium in delivering a terminal that will change the aviation landscape in New York for years to come."

Building on a five-year relationship

MUFG has served as Financial Advisor to the NTO consortium since 2018. The consortium is composed of The Carlyle Group, Ferrovial, JLC Infrastructure, and Ullico.

Taking it to the next level

MUFG’s Head of Infrastructure Project Finance in the Americas, Nanda Kamat, oversaw the deal and provided support and guidance to both the advisory and lending teams.

“MUFG is proud to have supported the consortium in multiple capacities, demonstrating our leadership in the infrastructure sector,” says Nanda.

Upon completion, NTO will provide 23 gates, featuring sustainably designed spaces and amenities such as dining, retail, and recreational space. The new terminal aspires to be a global gateway to New York and will create opportunities for women and veteran-owned businesses.