SLC Data Center Operators Obtain $2B Financing

For the past few years, CIM Group and Novva Data Centers have been partnering on a massive multi-phase data center facility outside Salt Lake City. J.P. Morgan and Starwood Property Trust provided $2 billion in financing for the latest phase of the project in West Jordan (photo/Wall Street Journal).

The developer duo will use the proceeds to complete construction of the second and third phases of the latter entity’s 100-acre flagship Salt Lake City campus. At full build-out, the campus will span approximately 1 million square feet and have a total power capacity of 175 megawatts (MW).

Development of the campus began several years ago, with the first phase coming online in 2023. Construction of Phase II of the project began in December 2023 and will feature a 318,000-square-foot data center building. Construction of Phase III commenced in January 2024 and will also feature a 318,000-square-foot data center with a 72-MW capacity. Completion of both facilities is slated for 2026.