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ewmark Group, Inc. has arranged a $600 million loan to support the development of a 50-megawatt build-to-suit data center project in Northern Virginia. The financing team, led by Co-Presidents Jordan Roeschlaub and Jonathan Firestone, collaborated with Brent Mayo, Head of Data Center Capital Markets, and other experts.
"This transaction highlights the growing demand for large-scale digital infrastructure solutions," said Roeschlaub. "Northern Virginia's advanced facilities, robust connectivity, and strategic location make it an ideal hub for AI and hyperscale cloud applications." The project will provide state-of-the-art fit-outs and access to highly redundant fiber networks, serving customers across the east coast.
The development, located within the Chirisa Technology Park in Richmond, is leased to CoreWeave, a leading hyperscale graphics processing unit provider. It will increase CoreWeave's presence in this market and deliver initial capacity in 2025. The loan was provided by a syndicate led by Societe Generale.
The data center industry is experiencing rapid growth, driven by the expanding needs of hyperscalers, AI users, and large enterprises. New development and land banking have surged, with construction pipelines reaching new highs in 2024, according to Newmark Research.
