April 2025
Deutsche Bank supports data centre development in Virginia
Deutsche Bank Trust Company Americas has been selected as administrative agent and collateral agent on a US$610m financing to capitalise a 50 megawatt (MW) build-to-suit data centre in Virginia.
The loan, arranged by Nomura, Société Générale, and Desjardins in December 2024, will go towards the development of the data centre located within the 350-acre Chirisa Technology Park (CTP) in Richmond1 and leased to CoreWeave, an artificial intelligence (AI) and cloud services company. Commercial real estate service provider Newmark Group served as advisor to the borrower group on the transaction.2
According to Newmark, the project will “offer supplemental mission critical capacity within one of its most customer-dense regions in the US”. The development “will also provide state-of-the-art fit-outs and access to highly redundant fibre networks, allowing CoreWeave to serve customers throughout the east coast”. The development broke ground earlier in 2024 and is expected to deliver initial capacity over the course of 2025.3
In August 2024, funds managed by Blue Owl’s Real Assets platform had partnered with CTP and PowerHouse Data Centers to build large-scale AI data centres for CoreWeave. The trio formed a joint venture to develop the data centres at CTPs' campuses across the US with the capacity to deploy US$5bn.4
“This project underscores 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. It also highlights the resilience of the data centre sector as a cornerstone of today's global economy”, said Jordan Roeschlaub, Newmark's co-president of global debt and structured finance.5
Brian Studdert, Head of Trust and Agency Services, Americas, Deutsche Bank added, “We are pleased that our team was selected to provide project finance agency services on this innovative deal. We look forward to assisting on this deal, given the importance of the growing, large-scale digital infrastructure segment to the overall market.”
Header image source: Chirisa Technology Parks
Sources
1 See chirisatechnologyparks.com
2 See datacenterdynamics.com
3 See ir.nmrk.com
4 See datacenterdynamics.com
5 See ir.nmrk.com