DataBank Secures $1.4 Billion Construction Loan For 300-Acre Development Site In Red Oak, TX

DataBank is undertaking a construction financing project for a development site encompassing 300 acres in Red Oak, Texas. The total loan amount secured by DataBank for this initiative is $1.4 billion, which includes an $800 million revolving credit facility along with a $650 million upsizing of an existing construction loan.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $1,400,000,000
• Lender: Citizens Bank, Citibank, MUFG Bank, PNC Bank, TD Securities, Truist Securities, U.S. Bank, Wells Fargo
• Landlord: Kevin Ooley - DataBank
• Market: Red Oak, TX

This financing package, supported by a consortium of banks and private placement notes, will facilitate the construction of a new facility that will add 60 megawatts of capacity to the existing infrastructure, accommodating future hyperscale and enterprise demand as DataBank expands its data center campus.