Securing Project Financing to Advance Express Lanes Expansion and Improve Traffic Flow Across Metro Atlanta

We assisted the Georgia State Road and Tollway Authority with the financial close of the SR 400 Express Lanes Project to move forward with the design, financing construction, operations, maintenance and tolling of the Project under a 50-year concession agreement.

SR 400 has transformed from a suburban connection into a highly congested corridor in the Atlanta metropolitan area as it experiences substantial population and job growth. The corridor connects key business centers and residential areas, and the project aims to support ongoing local economic growth by ensuring a more reliable and efficient commute.

This revenue-risk 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.

The $11 billion project is now financed by one of the largest transportation P3 financing packages in U.S. history. The financing package includes a low-interest USDOT TIFIA loan in the amount of $3.89 billion, the largest TIFIA loan to date; tax-exempt Private Activity Bonds in the amount of $3.44 billion, the biggest issuance for a U.S. highway P3 project; and equity investment provided by a private sector consortium in the amount of $3.35 billion, with each holding a 33.33% stake.

The successful financial close marked a significant moment for both the State of Georgia and the broader P3 market, while also paving the way for critical infrastructure improvements that will benefit the Metro Atlanta community, enhance quality of life, and support long-term regional growth.