On May 27, 2020, Fengate, along with partners Conrac Solutions and Related Fund Management, were awarded the Proximo North America PPP Deal of the Year 2019 for the Consolidated Rent-A-Car (ConRAC) at Newark Liberty International Airport (EWR), a 2.7 million square foot facility. The approval by the Port Authority of New York & New Jersey brings the airport one step closer to realizing a world-class facility that brings all rent-a-car companies at EWR under one roof — at a convenient location — as part of the Terminal One Redevelopment Program.
The deal achieved financial close on May 8, 2019. The project, valued at $500 million USD, demonstrates an innovative new model of private financing. 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 will likely be the model for the development of future airport ConRACs.
The Proximo Awards determine the winners by combining editorial expertise, extensive research and market polling. Proximo was looking for the most innovative, market influencing transactions within project financing in 2019. Only deals that signed or reached financial close in 2019 in all sectors (other than traditional real estate) where project financing is used, were eligible for inclusion. Deals are put to the vote on Proximo’s unique deals data platform, tagmydeals.com, where the market voted on each category. For more information on the award and to see the rest of the winners.