Transportation Facilities

We financed the redevelopment of a new air cargo facility at JFK Airport as well as the renovation of the George Washington Bridge Bus Station.

The Port Authority of New York and New Jersey, the nation’s largest bi-state authority, has been implementing a strategic plan to maintain and modernize its existing transportation facilities. The goal is to ensure safety and security and to significantly improve the quality of transportation services for regional residents, businesses, and visitors.

Since 2015, we’ve help finance the redevelopment of two Port Authority-owned transportation facilities.

We provided a $35 million loan to fund the renovation of Building 78 at John F. Kennedy International Airport into North America’s only air cargo terminal dedicated to animals.  Building 78 is a 170,000 square foot facility on a 14-acre site with direct access to the airport’s active runway system. The building and surrounding area were redeveloped into a modern cargo handling facility as well as a U.S. Department of Agriculture-approved animal handling, import, and export complex named “The ARK at JFK”.

We also provided capital for the redevelopment of the George Washington Bridge Bus Station in Washington Heights. The loan facilitated the transformation of the bus station into a modern transit and retail hub. The project upgraded and consolidated bus operations and reconfigured the station to accommodate 50% more bus capacity for the station’s approximately 5 million annual users. The project also included construction work that increased four-fold the retail space within the bus station.