Societe Generale Leads $600M Construction Loan for Virginia Data Center
By Andrew Coen December 13, 2024 2:23 pm
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A joint venture between Blue Owl Real Estate, Chirisa and PowerHouse Data Centers has secured $600 million of construction financing to build a data center development in central Virginia.
A syndicate led by Société Générale provided the loan on the private equity platform’s planned 50-megawatt data center situated within the Chirisa Technology Park in Chester, Va., roughly 20 miles south of Richmond. The property is leased to CoreWeave, a hyperscale graphics processing unit provider.
Bloomberg first reported the deal.
Newmark (NMRK) arranged the transaction with a global debt and structured finance team led by Jordan Roeschlaub, Jonathan Firestone, Nick Scribani, Ben Kroll and John Caraviello in collaboration with Brent Mayo, head of Newmark’s data center capital markets team.
“This transaction reflects the continued appetite for innovative, large-scale digital infrastructure solutions in key markets,” Roeschlaub said in a statement. “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 center sector as a cornerstone of today’s global economy.”
The CoreWeave-leased project broke ground early this year and is expected to deliver initial capacity sometime in 2025, according to Newmark.
Officials for Société Générale, Blue Owl Real Estate, Chirisa and PowerHouse Data Centers did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
