Blackstone’s QTS Eyes $2.1B for Data Center Trio
A banking consortium will co-originate the refinancing loan.
Blackstone’s QTS Data Centers is seeking to secure a $2.1 billion CMBS note to refinance three campuses across the Northern Virginia, Chicago and Atlanta markets, according to a Morningstar DBRS presale report. The closing date is estimated for Feb. 25.
Bank of America, Bank of Montreal, Barclays, Citigroup Inc., Goldman Sachs, Morgan Stanley, Royal Bank of Canada, Scotiabank and Wells Fargo Bank will co-originate and sell the debt. The loan has a floating rate of 6.1 percent, a two-year maturity date and three one-year extension options.
Computershare Trust Co. is acting as trustee, while PNC Bank’s division Midland Loan Services is working as both servicer and special servicer.
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The Blackstone-owned data center owner and operator will use the loan proceeds to refinance existing debt totaling $1.4 billion. The outstanding balance will fund general corporate expenses and closing costs associated with the note.
The refinanced portfolio includes:
- MAN1DC5, a 42-megawatt facility within QTS’ campus in Manassas, Va.
- SUW1DC2, a 23-megawatt property part of a two-building, 53-acre complex in Suwanee, Ga.
- CHI1DC1, a 41-megawatt, single-building data center in Chicago.
The Manassas property is a two-story, 305,500-square-foot building that came online in 2022. It is part of a six-building, 105-acre data center campus that will have more than 190 megawatts of critical capacity upon full build-out.
The second property, spanning some 360,000 square feet, is part of QTS’ 50-megawatt Suwanee data center campus. QTS acquired the 2006-completed building in 2022 for $42.5 million, according to Yardi Matrix information. Then the firm went on to invest another $270 million in the modernization and expansion of the facility’s data halls.
The third data center comprises a 467,000-square-foot facility on 30 acres and has over 95 megawatts of planned critical power capacity. Delivered in 2017, the building is LEED Gold-certified.
Big financial moves by QTS
QTS’ portfolio includes more than 90 data centers spread across 20 global markets, either in operation or currently under construction. Its power capacity totals more than 3 gigawatts.
As one of the top data center developers in the U.S., QTS has a footprint that spans 15 states. In November 2025, the company entered a $3.5 billion CMBS agreement—the largest such issuance for the year—to refinance 10 data centers across six markets including Atlanta, Dallas and Norfolk, Va.
Two months prior, QTS started procedures for obtaining a $599.8 million ABS loan, backed by one of its Phoenix data center projects. The development is part of PHX2, a multi-building campus currently underway, which will boast a total capacity of 210 megawatts.
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