Newmark Group has arranged a $600 million loan to capitalize a 50 megawatt build-to-suit data center development by Blue Owl Real Estate, Chirisa and PowerHouse Data Centers in Northern Virginia.
Newmark’s Co-President of Global Debt & Structured Finance Jordan Roeschlaub said: “This transaction reflects the continued appetite for innovative, large-scale digital infrastructure solutions in key markets.”
The project is pitched as underscoring the critical role of Northern Virginia in supporting the growth of AI and hyperscale cloud applications due to its advanced facilities, robust connectivity and strategic location.
Leased to leading hyperscale graphics processing unit provider CoreWeave, the project is located within the 300+ acre Chirisa Technology Park, Richmond, offering supplemental mission critical capacity within one of its most customer-dense regions in the US.
In addition to increasing CoreWeave’s stronghold in this market, the development will also provide state of the art fit-outs and access to highly redundant fiber networks, allowing it to serve customers throughout the east coast. The development broke ground earlier this year and is expected to deliver initial capacity in 2025.
Newmark Research reported in January that the data center industry is growing rapidly, fueled by expanding needs of hyperscalers, AI and high-performance computing users and large enterprises.
The increased demand has spurred a surge in new development and land banking for future development, with data center construction pipelines hitting new all-time highs in 2024.
