Blackstone’s QTS Eyes $1.3B Data Center Refi
The deal involves a 432,824-square-foot facility in metro Columbus, Ohio.
A joint venture between Blackstone and QTS Realty Trust’s affiliates are set to obtain a $1.3 billion CMBS refinancing loan for NAL1DC1, a 432,824-square-foot data center in New Albany, Ohio, in metro Columbus, according to a KBRA rating. The deal is expected to close later this month.
The news comes on the heels of QTS’s expanding footprint in the state. Last week, the company announced plans for a $10 billion data center campus in Van Wert, according to Data Center Dynamics. The campus would comprise up to seven buildings across 902 acres.
Wells Fargo Bank, Barclays Capital Real Estate, Banco Bilbao Vizcaya Argentaria, Citi Real Estate Funding, Goldman Sachs Bank, Natixis Real Estate Capital, PNC Bank, Royal Bank of Canada and Societe Generale Financial Corp. will co-originate the note. Computershare Trust Co. serves as trustee and Midland Loan Servicer as servicer and special servicer.
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The fixed-rate loan will have a 10-year Anticipated Repayment Date and a 20-year final maturity. Additionally, for the first 10 years the note will have interest-only payments, with an initial rate of 5.85 percent. The ownership will use proceeds from this loan to refinance about $826 million of existing debt, return $350 million of excess proceeds and pay closing costs.
Recently completed, the asset has a 66-megawatt capacity and is fully leased to a single tenant through 2045, with the possibility of one 10-year extension. A cloud & IT services firm uses the space.
Located at 1235 Beech Road SW, the property is close to Highway 161 and about 21 miles from downtown Columbus. The building is part of a four-facility, 210 MW hyperscale data center that is entirely leased to the same tenant.
The data center sector in Columbus had about 3,150 MW of capacity as of the second half of 2025, according to a Cushman & Wakefield report. Additionally, there were 1,150 MW under construction and more than 9,700 MW in different planning stages.
QTS’s recent data center fundings
Blackstone’s QTS has recently closed similar deals involving large data centers. In February, the company obtained a $2.1 billion CMBS loan to refinance three campuses across Northern Virginia, Atlanta and Chicago. The portfolio has a total capacity of 106 MW.
And last year in November, the company secured a $3.5 billion note for the refinancing of 10 data centers across six markets. That collection totals almost 215 MW across 3.2 million square feet in metros such as Atlanta, Dallas and Norfolk, Va.
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