Blue Owl Real Estate, in partnership with Chirisa and PowerHouse Data Centers, has secured a $600 million construction loan to develop a 50-megawatt data center in Chester, Va. The project, located within the Chirisa Technology Park, is strategically positioned approximately 20 miles south of Richmond.
The loan was provided by a syndicate led by Société Générale. Once completed, the data center will serve as a critical infrastructure hub for CoreWeave, a leading hyperscale graphics processing unit provider. The project broke ground earlier this year and is expected to deliver initial capacity in 2025. The facility will offer state-of-the-art features, including supplemental fiber networks to meet the growing demand for high-performance computing and AI capabilities from clients across the East Coast.
Newmark’s 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, arranged the financing.
“This transaction reflects the continued appetite for innovative, large-scale digital infrastructure solutions in key markets,” Roeschlaub said. “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 data center industry has experienced significant growth in recent years, driven by the increasing adoption of cloud computing, artificial intelligence and other data-intensive technologies. As demand continues to surge, developers and investors are actively pursuing new projects to meet the needs of hyperscale providers and enterprises. The Chirisa Technology Park’s strategic location and robust infrastructure make it an ideal site for data center development.
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