FC for New York MTA's debut P3

The New York Metropolitan Transportation Authority (MTA) has reached financial close on its debut P3 project.

Credit: Getty

The Elevated Accessibility Enhancements consortium, made up of ASTM, Halmar and Dewberry, was awarded the project in December last year, beating off competition from Star America and Plenary-led rivals. Financial close was reached on May 4, 2023.

Citigroup Global Markets was lead underwriter and JPMorgan Chase acted as direct purchaser, advised by Hunton Andrews Kurth in the $317m financing of the project.

The project comprises the design, construction, financing, and maintenance of accessibility improvements for 13 New York City subway stations and associated infrastructure work. It is part of the MTA’s long-term commitment to invest nearly $6bn to make 70 stations ADA accessible and to modernize an additional 78 subway elevators.

John O’Neill, co-head of Hunton Andrews Kurth’s P3 practice, said: “MTA’s willingness to first consider and then implement a P3 solution to its Station ADA Upgrades initiative is yet another example of how innovative thinking is being used to address critical infrastructure needs. We are pleased to have played a key role in assisting the lenders and ASTM in this success and are grateful for their confidence in us."