Fengate, along with partners Conrac Solutions and Related Fund Management, were shortlisted for the category of Best Financial Structure by the P3 Awards 2020 for the Consolidated Rent-A-Car (ConRAC) facility at Newark Liberty International Airport (EWR). The Port Authority of New York & New Jersey (PANYNJ) approved the facility. The ConRAC will bring all rent-a-car companies at EWR under one roof — at a convenient location — as part of the Terminal One Redevelopment Program.
The project was privately financed with Conrac Solutions leasing the facility for 35 years from the PANYNJ. Equity came from Fengate and Related Fund Management. The debt financing package was led by MUFG, CIBC and NBC. The deal includes a fixed-price, design, design, construction, financing, operations, maintenance and lifecycle management with a joint venture of Austin Commercial and VRH Construction.
Customer facility charges are the sole source of revenue for the Project and will be used to fund a portion of the construction costs and to repay the credit facilities. This is the first ConRAC facility subject to demand risk, financed in the bank market, and demonstrates a unique and innovative financing structure of private financing, that could become a national model for future airport ConRACs.
The facility is being constructed on a 16.65-acre site, with 2,925 public parking spaces and 3,380 rental car spaces to support ten rental brands. The project, valued at $500 million USD, reached financial close in May 2019.
The winning awards will be announced January 28, 2021. For the full list of finalists, visit https://p3awards.partnershipsevents.com/finalists.