Updated Dec 4, 2024
Aligned Data Centers Secures $700M Refinance Loan For 520K SF Data Center In Northlake
501 North Northwest Avenue & 505 North Northwest Avenue
$700,000,000
$673/SF
Building Size
520,000 SF
Asset Type
Industrial
Closing
Dec 27, 2023
About this deal
AI
A Texas-based company, Aligned Data Centers, has recently completed a 520,000-square-foot mega-sized data center in Northlake, Chicago. The facility, located at 501 & 505 North Northwest Avenue in the Northlake market, is part of the company's 13-center portfolio. It offers ample space, access to resources, and a skilled workforce for data facility maintenance. This state-of-the-art data center has attracted significant attention and recently secured a $700 million refinancing deal in November.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $700,000,000
- Address: 501 & 505 North Northwest Avenue, Northlake, Chicago
- Market: Northlake
- Square Footage: 520,000
The lender responsible for providing the refinancing loan is TD Bank and Wilmington Trust. Aligned Data Centers' CEO, Andrew Schaap, is the landlord in this transaction.
On the Map
$700,000,000
$673/SF
Industrial
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Players
Northlake Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.02%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93