Virgin Trains USA, formerly Brightline, closed on the sale of $1.75 billion in private activity bonds that will help fund the company's expansion to Orlando, according to a statement issued Friday.

Morgan Stanely was the underwriter for the transaction, which Virgin officials called "one of the largest (private activity bond) transactions to date," involving 67 different investors.

On April 5, the Florida Development Finance Corporation, a state agency that supports economic development, approved $950 million in tax-exempt bonds, adding to the $1.75 billion in bonds it approved last year.

By closing on the sale, Virgin Trains USA has the financing required to begin construction for service to Orlando, "including 170 miles of new track to a state-of-the-art intermodal facility located in the new South Terminal at the Orlando International Airport," the company stated.

More: Virgin Trains' $950 million bond request approved to extend rail service to Orlando

Construction will begin "imminently" and is expected to be complete in 2022.

In Virgin Train's 800-page financial disclosure report filed with FDFC, construction for Phase 2 is projected to cost $2.1 billion.

In the disclosure report, Virgin Trains said the company had about ­­­half of the ridership it predicted for 2018 and lost more than $87 million in its first nine months of operation.

The report made no mention of a station on the Treasure Coast, despite Virgin Trains asking Fort Pierce and Stuart to submit proposals for a station.

More: Fort Pierce vs. Stuart: Which TC city is best fit for Virgin Trains station?

Travel time between Orlando and Miami is expected to be 3 hours, 15 minutes, according to train officials.

In a statement issued Friday, Virgin Train officials said the rail construction between West Palm Beach and Orlando is expected to create 10,000 jobs and anticipates generating more than $650 million in federal, state and local tax revenue.

“Our vision for passenger rail holds great promise and highlights a tremendous appetite in the private markets for large-scale transportation and infrastructure projects,” said Wes Edens, co-founder and co-chief executive officer of Fortress Investment Group and chairman of Virgin Trains USA.

“Connecting Miami and Orlando makes tremendous business sense, but even more, it provides a public benefit to the State of Florida including thousands of jobs that will keep the state economically competitive for decades.”

The project is 100% privately financed, company officials stated, and represents a total investment of $4 billion.

Related: Virgin Trains USA scraps stock offering, remaining private with 'alternate financing'

“We have already seen first-hand the economic benefits our project has delivered in South Florida from revitalizing downtown Miami to spurring growth in Fort Lauderdale and West Palm Beach.” Patrick Goddard, Virgin Trains USA President, said in a prepared statement.

“This private investment will create a critical infrastructure corridor that is essential to the state's continued growth and high quality of life. We are revolutionizing train travel and realizing a decades long vision of operating express passenger rail in the State of Florida.”

Since the trains started rolling last year, Virgin Trains has faced opposition from elected and community leaders over safety concerns.

More: Safety group vows to keep up battle as Virgin Trains' Phase 2 gets closer

Indian River County has spent more than $3 million opposing the trains. Martin County spent about $4 million before settling its lawsuit with Virgin in November.

Friday's bond sale was expected, Indian River County Attorney Dylan Reingold said, but doesn't impact the county's federal lawsuit.

“We still have our pending lawsuit in (Washington) DC, which regards to the private activity bond authorization and whether the private activity bonds are legally authorized for this type of project,” he said. "The lawsuit also discusses whether or not the U.S. Department of Transportation properly followed the National Environmental Policy Act process."

Want more Treasure Coast breaking news coverage? If you're already a subscriber to TCPalm, thank you! If not, please subscribe and help keep coverage of the Treasure Coast's most important breaking news coming.