Hogan Lovells advises Applegreen on US$58.92 million bond financing for E-470 service plazas project

The project, which marks a transformative reuse of decommissioned toll plazas, is backed by the issuance of the Public Finance Authority Senior Lien Revenue Bonds (E-470 Public Highway Authority Service Areas Project), Series 2025 (Taxable). Proceeds from the bond offering will be loaned to Applegreen to support the construction of four new service plazas — part of a broader US$70 million investment the company is making in the project.

The firm advised the borrower on all aspects of the project development and financing, including ground leases with the E-470 Authority, the operational and sub-contract agreements, and the bond transaction itself.

The project is being delivered in close collaboration with the E-470 Public Highway Authority, along with the cities of Aurora, Parker, and Commerce City. Once complete, the service plazas will offer food and beverage outlets, convenience retail, fuel and EV charging stations, and enhanced rest areas — serving the traveling public and local communities alike.

Applegreen expects to open the first plaza, Parker Southbound, in the fourth quarter of 2026, with the remaining locations in Commerce City (Northbound and Southbound) and Aurora to follow shortly thereafter.

The Hogan Lovells team advising Applegreen was led by partner David Locascio, with support from partners Alexis Sáinz, Helen Atkeson, Lea Ann Fowler, Ben Garcia, Sara Lenet, Steven Kaufman, and Matthew Schernecke, senior associates Mariana Avendano, David Wallace and Victor Barrientos, and associate Swati Parashar.