Phillips Arranges $62M for Data Center Near Atlanta
Bethesda, MD-based Phillips Realty Capital closed and funded two transactions totaling $62.2 million on behalf of Legacy Investing, LLC. The financing was used for the acquisition and joint venture operation of a fully-leased Tier IV data center located in Alpharetta, GA.
Phillips Realty Capital’s Adam Bieber and William Lawson structured the debt and equity for the partnership. Guggenheim Partners provided a balance sheet loan on behalf of one of their separate accounts in the amount of $41.9 million of permanent financing for the acquisition.
An unnamed private equity investment firm provided $20.3 million to form a joint venture with Legacy, to acquire and operate the data center.
The 165,000-square-foot mission critical data center sits on a 14.46-acre site located at 1650 Union Hill, and is comprised of 50,440 square feet of raised data space and 58,814 square feet of office space, with the remaining space occupied by data center infrastructure.
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