Flexential Eyes $1.4B Financing Deal for Data Center Collection

March 9, 2026

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Loan proceeds will refinance prior debt.

Exterior shot of a data center facility owned and occupied by Flexential in Englewood, Colo. — This 240,549-square-foot facility in Englewood, Colo., is one of Flexential’s largest properties among those backing the financing. *Image courtesy of Yardi Matrix*

Flexential is seeking to secure a $1.4 billion financing package backed by 28 data centers, according to a KBRA presale report.

KeyBank National Association is acting as servicer, Wilmington Trust is the indenture trustee, while Deutsche Bank is the structuring advisor.

The financing package consists of two series of notes spread across four classes, of which one has a variable interest rate, while the rest have a fixed one.

Both series include an anticipated repayment date starting from 2028 to 2033, while the final maturity dates are set in 2061.

The combined initial principal balance of both series of notes is expected to total $1.2 billion, with final allocation determined at pricing. Flexential will utilize the ABS financing to cover closing costs and fully pay prior debt issued between 2021 and 2025, which originally totaled $3.5 billion.

The 28-property data center portfolio backing the package comprises nine fully owned facilities, 18 leased properties and one asset subject to a 99-year ground lease agreement. The properties are spread across 14 markets and 13 states.

Exterior shot of a data center facility in Phoenix, Ariz. owned by Flexential. — Flexential’s Deer Valley data center totals 109,476 square feet in Phoenix and came online in 2013. Image courtesy of Yardi Matrix

Flexential’s nine fully owned data centers are spread across the Atlanta, Denver, Louisville, Ky., Minneapolis, Phoenix, Salt Lake City and Tampa, Fla., markets. The 18 leased properties are in Atlanta, Charlotte, N.C., Cincinnati, Dallas, Denver, Las Vegas, Louisville, Nashville, Tenn., Portland, Ore., Raleigh-Durham, N.C., Salt Lake City and Tampa metro areas. The data center under the ground lease is in Portland.

Some 70 percent of the annualized revenue from the portfolio is concentrated in the Portland, Denver, Atlanta, Dallas and Nashville markets.

The portfolio totals approximately 1.8 million square feet and can provide up to 199 megawatts of critical load power. Facilities range in size from 9,765 to 240,000 square feet. As of October 2025, the portfolio was roughly 68 percent occupied and utilizes about 47 percent of the total power capacity, the report shows.

Flexential’s top customers include enterprise tech companies, software and cloud service providers, healthcare and financial institutions, along with a range of other industries. The top 20 customers at these properties account for $663.3 million in annualized revenue, about 35 percent of the total.

Close-up on Flexential’s pipeline

Flexential was formed in 2017 through the merger of Peak 10 and ViaWest. The company is owned by funds managed by GI Partners, which invested more than $1 billion in equity for its development and expansion strategy in the sector. Morgan Stanley Infrastructure Partners provided long-term equity investments in the company and also became a co-investor in October 2024.

As one of the top data center developers in the U.S., the company has a footprint that spans more than 40 data centers spread across 18 markets. Flexential has two facilities underway in Hillsboro, Ore., an expansion of its campus, both scheduled to come online this year.

The developer also has a project in Parker, Colo., its fifth and largest facility in the metro Denver area. The data center will serve as a high-density hub for its hybrid IT platform, FlexAnywhere, and is expected to reach completion this year.