Newmark Group, Inc. has secured a $600 million loan to fund the development of a 50-megawatt data center in Northern Virginia by Blue Owl Real Estate, Chirisa and PowerHouse Data Centers.
The financing was organized by Newmark’s Co-Presidents of Global Debt & Structured Finance Jordan Roeschlaub and Jonathan Firestone, along with Clint Frease, Nick Scribani, Ben Kroll and John Caraviello in collaboration with Brent Mayo, Head of Newmark’s Data Center Capital Markets. The loan was provided by a group led by Societe Generale.
According to Roeschlaub: “This deal highlights the ongoing demand for cutting-edge digital infrastructure solutions in key markets. This project demonstrates the vital role that Northern Virginia plays in supporting AI and hyperscale cloud applications due to its state-of-the-art facilities, strong connectivity and strategic location.” Construction on the development began earlier this year and is expected to be completed with initial capacity available for use starting in 2025.
This news was originally reported on Connect CRE.
