Exclusive: CoreWeave Lands $555M for $1.8B New Jersey Project

CoreWeave has obtained a $555 million loan from GLAS USA for its ongoing data center conversion project at 2000 Galloping Hill Road in Kenilworth, N.J., according to Yardi Matrix data.

The data center operator has a $1.8 billion, 250-megawatt development currently underway at the site. Construction work began in September and completion is expected in 2027, according to Real Estate New Jersey.

The project is also the beneficiary of $250 million in tax credit financing awarded under the Next New Jersey Program – AI initiative, the same source reported. This program launched earlier this year.

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In January, CoreWeave and Microsoft teamed up and joined the New Jersey Economic Development Authority and Princeton University as founding partners for New Jersey AI Hub, a new collaborative center housing programs for AI-driven research innovation and workforce development. The partnership is expected to invest more than $72 million in this endeavor aimed at strengthening the state’s position as a leading East Coast hub, given the current AI data center demand.

@commercialpropertyexec

🔎CoreWeave has secured a $555 million loan from GLAS USA to advance its $1.8 billion data center conversion in Kenilworth, NJ—a 250 MW facility at the former Merck campus within the Northeast Science and Technology Center, slated to come online in 2027. ⏩Check out the link in our bio for the full story. #realestateinsights #CommercialRealEstate #commercialnews #commercialrealestate #realestateinsights

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At the end of the third quarter, CoreWeave had 41 data centers globally, their active power capacity totaling 590 megawatts. The company is also investing $6 billion in a new data center campus in Lancaster, Pa., set to provide up to 300 megawatts at full build-out.

A data center conversion project up close

CoreWeave’s ongoing project will result in a 392,600-square-foot data center. The redevelopment involves the conversion of a former 280,700-square-foot R&D building at 11 Nest Drive and the addition of new space.

The company paid $322 million in July to acquire the facility and surrounding land from Onyx Equities and Machine Investment Group. The building, dubbed 11 NEST, is part of the Northeast Science and Technology Center, a 2 million-square-foot mixed-use campus that previously served as Merck & Co.’s headquarters. CoreWeave had leased the space in October 2024 with plans for its conversion, then estimated at $1.2 billion.