Delta Air Lines secures $1.4B for LaGuardia Terminal construction

Courtesy of Delta Air Lines

Delta Air Lines has secured a roughly $1.4 billion construction financing package to fund the renovation of its LaGuardia Airport Terminals C and D, Commercial Observer has reported, citing records posted by the New York City Department of Finance.

The financing was provided by the New York’s Empire State Development and Bank of New York Mellon.

BNY Mellon purchased a series of bonds from Empire State Development, a subsidiary of the New York State Transportation Development Corporation (TDC), to fund the construction, according to the record.

The package comprises a $1.38 billion building loan leasehold mortgage as well as an additional $4 million project loan leasehold mortgage, both supplied through the issuance of TDC special facilities revenue bonds, the record shows.

Delta plans to turn its terminals at LaGuardia a $4 billion, state-of-the-art complex. The terminal will consist of 37 flexible-gauge gates. Four concourses will be connected by a centralized check-in lobby, security checkpoint and baggage claim. Of the 37 gates, 33 will have access to dual taxi lanes. The facility will offer direct access between the parking garage and terminal, improved roadways and drop-off/pick-up areas, and a curbside check-in bypass leading directly into the security checkpoint. The design of the new terminal will integrate sustainable technologies and improvements in energy efficiency, according to a Delta statement released last year.


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