LOS ANGELES -- A consortium of firms this week closed on a $125 million financing package for a privately owned and operated toll road in California that could serve as a model for similar ventures, project officials said.

The success in securing financing is an important so such projects "can be made to work without federal or state funds." Gerald Pfeffer, managing director of the California Private Transportation Co., said yesterday.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.