Phoenix & Southwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
QTS Nears Closing on $600M Refi for Phoenix Data Center
QTS Realty Trust is seeking nearly $600 million as part of an ABS financing package backed by its PHX2DC2 data center project in Phoenix. The facility, not far from Sky Harbor Airport, will boast a total capacity of 210 megawatts.
Commercial Edge reports that Deutsche Bank will arrange the financing issued by Wilmington Trust. KeyBank is appointed as servicer.
Upon closing, expected by the end of the month, the upcoming loan package will have a 5-year anticipated repayment date and will mature in 30 years.
QTS Realty Trust will use the note to repay a part of its existing debt backed by PHX2DC2. Wilmington Trust previously provided a $625 million loan.
The turnkey data center has nearly 36 megawatts of capacity. A single hyperscale tenant fully leases it under a staggered-maturity agreement spanning four phases, each pursuant to triple-net lease terms.
PHX2 marks QTS’s second data center project in the metro.
