The concessionaire, Purple Line Transit Partners, has reached financial close with the new builder, Maryland Transit Solutions.
What does that mean, you might ask?
Financial close means that all of the necessary loans are in place. In addition to the direct support from Maryland and the federal matching loan, the public-private partnership includes public financing through a Transportation Infrastructure Financing and Innovation Act and private financing, both held by the concessionaire.
Just like it is important to close a mortgage before moving in and starting renovations on a house, this financial close was necessary before major construction activity by the new builder could begin.
It is the final step in the process of onboarding the new builder which will now allow them to begin ramping up construction in a big way along the corridor later this spring.
We are thrilled the parties have reached this milestone and wanted to share the good news with you, too! More details about the impending schedule, construction updates, and news from the state and concessionaire to come.
Purple Line NOW congratulates all parties involved and thankful the project is moving forward!