CoreWeave Secures $555M Loan From GLAS USA For Kenilworth Data Center Redevelopment

The asset involved in this transaction is a development site located at 2000 Galloping Hill Road in the Kenilworth market. A loan of $555,000,000 was secured by CoreWeave, which is currently overseeing a significant redevelopment project. This endeavor includes transforming a former 280,700-square-foot R&D facility into a 392,600-square-foot data center, aligned with a total project cost of $1.8 billion.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $555,000,000
• Lender: GLAS USA
• Landlord: Michael Intrator - CoreWeave
• State Tax Credit Financing: $250,000,000
• Acquisition Cost of Site: $322,000,000

Key participants in this transaction include Michael Intrator, representing CoreWeave, and GLAS USA, the lending institution. The financial backing is intended to facilitate the extensive redevelopment efforts aimed at enhancing the existing facility and expanding its capacity as part of the data center project.