Newark Liberty International Airport (EWR) ConRAC Recognized as P3 Deal of the Year for the Americas
The Newark Liberty International Airport’s $500 million consolidated rent-a-car facility (ConRAC) project has been selected as the P3 Deal of the Year for the Americas, by Project Finance International (PFI).
Conrac Solutions Capital leads the development team for the first privately financed ConRAC facility in the U.S. Financing closed in the spring of 2019 and included equity participation by Related Fund Management and Fengate Asset Management.
PFI is an international resource in global project finance and capital markets information. The annual PFI Yearbook awards are the industry’s most prestigious annual awards presented in London in February of each year.
The 2.7 million square foot ConRAC, designed by PGAL, will include 2,925 public parking spaces and 3,380 rental car spaces to support 10 rental car brands. The project also includes retail operations, vehicle fleet storage, and maintenance/fueling/wash bays. Completion of the public parking area is scheduled for September 2021 with the ConRAC opening in April 2023.