Nossaman Congratulates SRTA and GDOT on the Financial Close of SR 400 Express Lanes Project
We congratulate the State Road and Tollway Authority (SRTA) and the Georgia Department of Transportation (GDOT) on the financial close of the State Route (SR) 400 Express Lanes project in Atlanta, Georgia. The $11 billion project reached financial close on August 5, 2025.
The SR 400 Express Lanes are being delivered as a design–build–finance–operate–maintain public private partnership (P3) under a 56-year revenue risk, concession agreement. The project employs one of the largest transportation P3 financing packages in U.S. history. The financing package includes a low-interest USDOT TIFIA loan, marking the largest single TIFIA loan ever issued; tax-exempt Private Activity Bonds priced in the U.S. capital markets, representing the largest P3 bond financing in the U.S. market; and equity contributions from each sponsor, with each holding a 33.33% stake.
SR 400 is the first express lanes project to reach financial close under GDOT’s Major Mobility Investment Program (MMIP) and aims to reduce congestion and increase travel time reliability across metro Atlanta. The project will create 16 miles (26 km) of new express lanes along SR 400 – one of Atlanta’s most heavily traveled commuter corridors. The project will add two express lanes in each direction between the North Springs MARTA Station and McGinnis Ferry Road and one express lane in each direction from McGinnis Ferry Road to McFarland Parkway. These lanes will operate under a dynamically priced toll system, providing motorists with more reliable travel times while improving traffic flow in the region. The project scope also includes reconstructing or widening bridges, upgrading interchanges and implementing intelligent transportation systems for tolling, traffic management and safety monitoring.
Simon Santiago was the leader for the Nossaman team – which also included Brian Papernik and Adeyemi Ojudun – that served as outside project counsel to SRTA on this matter.
News of financial close was reported in the Atlanta Journal Constitution, ENR, Construction Front and numerous other publications.
