Penzance Secures over $100 Million in Construction Financing from QuadReal and Breaks Ground on a Northern Virginia Data Center
CHANTILLY, Va.–(BUSINESS WIRE)–Penzance secured construction financing and broke ground on Chantilly Premier, a 100% leased powered shell located in Northern Virginia. The project benefits from exceptional connectivity to fiber and power infrastructure in the world’s largest data center market.
Cristopher White, Partner at Penzance, said in a statement:
Penzance is excited to break ground on this project, which will deliver critical digital infrastructure in the world’s largest and most important data center market.
“We continue to advance our development pipeline and scale our platform in the data center industry, which reflects our commitment to the sector and the strength of this core data center market,”
Cushman & Wakefield served as the exclusive advisor to the borrower in securing the financing from QuadReal Property Group (QuadReal), a global real estate investment, development and operating company. A Cushman & Wakefield Equity, Debt & Structured Finance team of Marshall Scallan, Michael Zelin, and Bindi Shah represented the borrower in the transaction.
Paul Stern, Senior Vice President, U.S. Debt Investments at QuadReal, said:
This latest debt financing is in direct alignment with QuadReal’s investment strategy and our conviction in alternatives including data centers,
“We are excited to partner with Penzance as they continue to scale their platform in key markets.”
Scallan, said:
We are thrilled to advise Penzance on this pivotal transaction,
“Chantilly Premier stands out as a best-in-class development due to its robust infrastructure, and premier location in Data Center Alley. Securing this financing highlights the strong market appetite for high-quality, preleased assets backed by experienced sponsors.”
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Penzance Secures over $100 Million in Construction Financing from QuadReal and Breaks Ground on a Northern Virginia Data Center, source
