The agency building the new Transbay Transit Center project in San Francisco announced Tuesday that it has closed on a $171 million federal Transportation Infrastructure Finance and Innovation Act loan for the project.

The first phase of the planned project, projected to cost $1.2 billion, will tear down the current dilapidated Transbay Terminal — which handles commuter buses from the East Bay as well as Greyhound intercity buses — construct a temporary station for those buses, and build a new bus terminal.

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