Valley National Bank Lends $44M on Virginia Data Center
By Andrew Coen February 9, 2023 4:43 pm
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AC DataCom Digital Infrastructure Investments has nabbed $43.8 million of permanent financing for its data center development in Harrisonburg, Va., Commercial Observer has learned.
Valley National Bank provided the term loan on the sponsor’s 100,000-square-foot, Class A data center at 1175 North Main Street, two miles from the campus of James Madison University. The property has been fully leased to Anthem Health since 2015.
“Although the Harrisonburg market isn’t within Valley’s footprint, providing financing solutions for our long-term clients, even out of market, is important to maintaining and growing those important relationships,” Chris Coiley, Valley’s regional president of commercial real estate for the regions of New York, New Jersey, Pennsylvania, California and Illinois, said in a statement. “The purpose of the loan was to recapitalize the asset which will enable our customer to seek additional investments within their markets.”
Officials at AC DataCom did not immediately return a request for comment.
The Valley loan comes at a time when Virginia Gov. Glenn Youngkin is looking to make a big push in data center investments throughout the state. Youngkin announced in late January that
Amazon (AMZN) Web Services, the cloud computing division of Amazon, will invest $35 billion through 2040 to create multiple data center campuses across the commonwealth.
Andrew Coen can be reached at acoen@commercialobserver.com
