{"id":1004711531,"date":"2024-04-24T03:27:48","date_gmt":"2024-04-24T11:27:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004711531"},"modified":"2024-04-24T05:05:28","modified_gmt":"2024-04-24T13:05:28","slug":"vantage-lands-3b-green-loan-for-north-american-expansion","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vantage-lands-3b-green-loan-for-north-american-expansion\/","title":{"rendered":"Vantage Lands $3B Green Loan for North American Expansion"},"content":{"rendered":"\n<p>Vantage Data Centers has obtained a $3 billion green loan for the expansion of its North American footprint. A bank syndicate led by Wells Fargo Securities LLC, along with joint bookrunners TD Securities, Truist Securities Inc. and Scotiabank, provided the revolving credit facility.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004711540\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/vantage-lands-3b-green-loan-for-north-american-expansion\/va3_rendering\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/VA3_Rendering-e1713958246102.jpg\" data-orig-size=\"1200,568\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"VA3_Rendering\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/VA3_Rendering-e1713958246102.jpg?w=1024\" height=\"485\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/VA3_Rendering.jpg?w=1024\" alt=\"Rendering of Vantage's VA3 campus\" class=\"wp-image-1004711540\" style=\"object-fit:cover\"\/><figcaption class=\"wp-element-caption\">Vantage&#8217;s upcoming VA3 campus in Ashburn, Va., will encompass 2.3 million square feet and provide 288 megawatts upon full build-out. With rack densities of up to 300 watts per square foot, it will be able to handle AI deployments and other high-intensity applications. <em>Rendering courtesy of Vantage Data Centers<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Vantage secured the funds with an initial collateral pool of eight leased and greenfield sites in new and existing markets, totaling 1.4 gigawatts of IT capacity. The structure of the green loan allows for faster time-to-market than typical construction financing and includes the option to add more assets to the credit facility.<\/p>\n\n\n\n<p>This new round of financing brings Vantage\u2019s total to $10 billion for 2024, already as much as the company secured throughout the entire last year. In January, the data center provider <a href=\"https:\/\/www.commercialsearch.com\/news\/vantage-lands-6-4b-equity-from-digitalbridge-silver-lake\/\">landed $6.4 billion in equity<\/a> led by DigitalBridge and Silver Lake. In March, it obtained $64 million for the development of its first data center in Taiwan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-ready-for-ai-deployments\">Ready for AI deployments<\/h2>\n\n\n\n<p>Vantage\u2019s North America platform currently includes 12 campuses across the U.S. and Canada. <em>Commercial Property Executive <\/em>reached out to the company to find out which of these campuses are involved in this deal, but Vantage declined to comment.<\/p>\n\n\n\n<p>However, it is almost certain that one of properties is VA3 in Ashburn, Va. This is an upcoming, 288-megawatt campus, set to encompass 2.8 million square feet upon full buildout. Vantage applied for its development in last February, according to <em>Data Center Dynamics<\/em>. The company had acquired the 134-acre plot of land at 19509 Belmont Ridge Road for $180 million in 2022.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/which-cities-are-driving-commercial-real-estate-demand\/\">Where Innovation Drives CRE Demand<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>VA3 will be Vantage\u2019s third campus in Ashburn, planned to include seven multi-story data centers powered by two Dominion Energy substations. According to its data sheet, it will be capable of power densities of up to 300 watts per square foot, which is on the higher end.<\/p>\n\n\n\n<p>This density indicates the campus will be <a href=\"https:\/\/www.commercialsearch.com\/news\/ai-leads-to-data-center-boost-across-markets\/\">ready for AI deployments<\/a>. In December, Vantage Senior Vice President Steve Conner told <em>CPE <\/em>that <a href=\"https:\/\/www.commercialsearch.com\/news\/will-the-data-center-industry-further-grow-in-2024\/\">AI will require rack densities<\/a> up to five times higher than traditional cloud computing\u2014which, in turn, will have more complex cooling requirements.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-green-loans-pave-the-way-for-sustainable-development\">Green loans pave the way for sustainable development<\/h2>\n\n\n\n<p>Vantage secured this fifth green loan under its Green Finance Framework, which guides development and sustainability strategy along five core areas: greenhouse gas emissions, energy, water, waste and community. Under this framework, data centers will need a power usage effectiveness of 1.5 or below to qualify.<\/p>\n\n\n\n<p>Loudoun County, Va., where Vantage\u2019s new campus is located, is among the top areas in the U.S. for leasing activity, according to a recent CBRE report on North American markets. This area has had issues with power delivery in the past, as it is one of the densest data center regions in the world. However, the same research shows that Dominion Energy\u2014the main provider for Virginia\u2014is working on new transmission lines that are bound to deliver sufficient capacity by 2026.<\/p>\n\n\n\n<p>PowerHouse Data Centers recently closed on a 145-acre site in Spotsylvania, Va., for <a href=\"https:\/\/www.commercialsearch.com\/news\/powerhouse-to-build-800mw-va-data-center\/\">a massive, 800-megawatt campus<\/a>. It is developing the project in a joint venture with Harrison Street and plans to deliver an initial 150 megawatts by October 2025.<\/p>\n\n\n\n<p>Speed-to-market in Northern Virginia is primarily driven by power and entitlement timelines. Still, the market remains a top choice for developers, with vacancy rates at roughly 1.4 percent as of December, and more than 1.2 gigawatts of capacity under construction, CBRE data shows.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This brings the data center developer&#8217;s 2024 funding to $10 billion.<\/p>\n","protected":false},"author":1284,"featured_media":1004711542,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21755,21782,21825,11,21742],"tags":[47774,52227,38050,38344],"class_list":["post-1004711531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-data-centers","category-development","category-finance","category-midatlantic","category-latest","tag-td-securities","tag-truist-bank","tag-vantage-data-centers","tag-wells-fargo-securities"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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