Skanska reached financial close June 1 on $2.8 billion in debt to fund the P3 portion of its $4-billion design-build contract to replace Terminal B at LaGuardia Airport under a 34-year DBFOM concession granted by the Port Authority of New York and New Jersey to LaGuardia Gateway Partners (LGP).

LGP is comprised of Skanska Infrastructure Development, Vantage Airport Group and Meridiam as project sponsors and co-investors, with Vantage Airport Group managing operations. Skanska and Walsh form the design-build joint venture, with HOK and WSP Parsons Brinkerhoff advising on the design.

The project will be financed using equity, debt, PANYNJ milestone payments, and retail and airline revenues.