Westwood Capital Completes Successful U.S. Government Credit-Enhanced Financing for the Aviator Sports and Recreation Complex
Posted on: Monday, 24 July 2006, 15:00 CDT
NEW YORK, July 24 /PRNewswire/ -- Westwood Capital, LLC today announced the completion of a U.S. Government credit-enhanced financing for Aviator Sports and Recreation LLC. The approximately $29 million, 10-year debt financing covers a portion of the approximately $43 million cost of the new Aviator Sports and Recreation Complex at Floyd Bennett Field, a decommissioned New York City airport that is now part of the Gateway National Recreation Area. The complex is being developed pursuant to a 20-year concession contract between Aviator and the United States National Park Service (http://www.aviatorsports.com/ ).
The transaction will enable Aviator to complete the development of its approximately 25-acre recreation complex and outdoor venue, which, upon completion, will feature two NHL regulation-size hockey rinks, two outdoor lit synthetic grass multi-purpose fields, 20,000 sq. ft. of multi-use hardwood courts, a 15,500 sq. ft. world-class recreational and competitive gymnastics fieldhouse, an extensive fitness, wellness and performance center for both amateur and professional athletes, as well as restaurant, retail, event, and party space. The complex is located in Brooklyn, New York.
Aviator will cater to more than nine million consumers who reside within a 15-mile radius of the complex, creating a premier destination that will redefine sports and sport-related entertainment in the metropolitan New York Area. The facility is slated to open to the public late this September, and is expected to generate traffic in excess of 1.5 million visitors in its first year of operation.
"We are very excited about completing our facility. The financing was well executed, and it has truly been a pleasure working with the Westwood team," said Steven M. Gluckstern of Aviator Sports and Recreation.
Daniel Alpert, a managing director at Westwood Capital, stated, "This transaction represents a watershed for the financing of new development on National Park Service land. Structured finance techniques added value in the capitalization of this venture; we are very pleased to have worked with the Aviator team."
Westwood Capital, headquartered in New York, offers expertise in corporate finance, mergers and acquisitions, structured finance, project finance and restructuring on a global basis, with special emphasis on providing emerging growth and middle-market companies access to the capital and M&A markets.
Contact: Daniel Alpert Westwood Capital, LLC +1-212-953-6448 Steven M. Gluckstern Aviator Sports and Recreation LLC +1-212-937-8701
Westwood Capital, LLC
CONTACT: Daniel Alpert of Westwood Capital, LLC, +1-212-953-6448; orSteven M. Gluckstern of Aviator Sports and Recreation LLC, +1-212-937-8701
Web site: http://www.westwoodcapital.com/
Source: PRNewswire
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