JP Morgan, Starwood Lend $2B on Utah Data Center Project
By Andrew Coen March 4, 2025 1:24 pm
reprints
The demand for data center developments is continuing at an electric pace.
A joint venture between CIM Group and Novva Data Centers has secured $2 billion of construction financing to build a 175-megawatt data center campus in suburban Salt Lake City.
J.P. Morgan Chase and Starwood Property Trust provided the loan on the development team’s planned 100-ace data facility in West Jordan, Utah. The Wall Street Journal first reported the transaction.
The mega deal comes on the heels of J.P. Morgan supplying a $2.3 billion loan in January for a 206-megawatt data center project in Abilene, Texas, leased to Oracle.
Novva partnered with CIM, a Los Angeles-based real estate investment firm, in July 2020 to build the 1.5 million-square-foot data center facility around 15 miles south of Salt Lake City. CIM committed to invest $355 million in Novva’s data center expansion plans in July 2022.
Newmark (NMRK) arranged the $2 billion loan with a team led by Jordan Roeschlaub.
Officials at CIM Group, Novva, J.P. Morgan and Newmark did not immediately return requests for comment. Starwood declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
