For Moynihan Train Hall Project, Refinanced TIFIA LoanWritten by Marybeth Luczak, Executive Editor
The U.S. Department of Transportation’s Build America Bureau has refinanced and increased a direct TIFIA loan to Empire State Development for the Moynihan Train Hall project in New York City.
The new loan will add up to $80.5 million to the original $526.5 million TIFIA (Transportation Infrastructure Finance and Innovation Act) loan that closed in 2017, and provide the Moynihan Train Hall project a total of up to $606.7 million. The additional loan capacity will help complete security and passenger safety initiatives, according to the Build America Bureau.
Moynihan Train Hall opened for Amtrak and MTA Long Island Rail Road service Jan. 1, 2021. The $1.6 billion project renovated the 100-year-old James A. Farley Post Office Building at 8th Avenue across from Penn Station.
Moynihan Train Hall has underground access to and expands Penn Station’s concourse space by 255,000 square feet or 50% to relieve crowding and improve rider comfort and security. It is named for the late U.S. Sen. Daniel Patrick Moynihan, who represented New York for 24 years and championed the project.
The project’s first phase was completed in 2017. The second phase was a public-private partnership among Empire State Development, Vornado Realty Trust, Related Companies, Skanska, LIRR, Amtrak, and the Port Authority of New York and New Jersey, and was delivered via a design-build partnership.
“The Bureau is pleased to support the Moynihan Train Hall project by refinancing the original loan to take advantage of lower interest rates and increase the total loan,” Build America Bureau Executive Director Morteza Farajian said.