transbay_transit_center

Transbay Transit Center - San Francisco, CA

The Transbay Transit Center project currently under construction will replace the former Transbay Terminal in downtown San Francisco with a modern transit hub. Once completed, the Transit Center will connect eight Bay Area counties and the State of California through 11 transportation systems: AC Transit, BART, Caltrain, Golden Gate Transit, Greyhound, Muni, SamTrans, WestCAT Lynx, Amtrak, Paratransit and California’s future High Speed Rail from San Francisco to Los Angeles/Anaheim. The $1.9 billion Phase 1 of the Project is expected to open in late 2017.

The USDOT granted a $171m TIFIA Loan to the Transbay Joint Powers Authority in January 2010 which is secured with sales tax proceeds that will be made available to the project following sale and development of a number of parcels
of land around the project area. TJPA sought amendments to the TIFIA loan agreement to, among other changes, give them flexibility to issue additional short term debt to bridge a funding gap between when monies are needed and when TIFIA loan proceeds can be drawn. PFAL acted as financial advisor to the TIFIA Lender in negotiating these amendments and assessing their impact to the credit quality of the TIFIA Loan. The loan amendments were approved
in May 2014.

  • Type: infrastructure, tax-increment secured loan
  • Year Completed: ongoing
  • contract duration: March 2014 – May 2014
  • Transaction Size: $171 million

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