Vantage Airport Group and Corsair Infrastructure have achieved financial close for the construction of the $4.2bn international Terminal 6 at John F Kennedy International Airport (JFK) in New York, US.
Vantage is the lead member of JFK Millennium Partners, which has been picked by the Port Authority of New York and New Jersey to finance, build, and manage the new Terminal 6.
JFK Millennium Partners raked in $4.2bn to fund the terminal complex on the north side of the airport, which includes $1.3bn in equity.
For this project, Vantage is the principal developer and operator, while Corsair is serving as the principal financial sponsor.
Vantage will spearhead the execution of construction works in two phases, managing the existing Terminal 7 until its demolition in 2025.
It will also manage the new international Terminal 6 from completion through 2060 under a long-term lease with the Port Authority of New York and New Jersey.
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Terminal 6 is expected to be completed in 2028.
Upon completion, it will be the link for international and domestic flights from Terminal 5.
It will feature a 1.2 million-square-foot space that can accommodate ten gates and over 100,000ft² commercial amenities, airline lounges, and spacious gate areas.
Vantage chairman and CEO George Casey said: “Today’s milestone is the result of significant, dedicated efforts of the Vantage team to lead this complex project and bring the shared objectives of JFK Millennium Partners and our other project partners to life at Terminal 6.
“The team’s commitment to the project reflects Vantage’s deep, specialised, and tested airport development expertise, which is unmatched in the sector.”