{"id":1004777645,"date":"2025-11-11T04:47:36","date_gmt":"2025-11-11T12:47:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004777645"},"modified":"2025-11-13T04:24:51","modified_gmt":"2025-11-13T12:24:51","slug":"blackstones-qts-to-close-3-5b-data-center-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackstones-qts-to-close-3-5b-data-center-refi\/","title":{"rendered":"Blackstone&#8217;s QTS to Close $3.5B Data Center Refi"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a26215b00f1d&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"900\" data-attachment-id=\"1004777646\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/blackstones-qts-to-close-3-5b-data-center-refi\/qts-cedar-rapids\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/QTS-Cedar-Rapids.jpg\" data-orig-size=\"1200,900\" 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;0&quot;}\" data-image-title=\"QTS-Cedar-Rapids\" data-image-description=\"&lt;p&gt;Image obtained from QTS Data Center&#8217;s media kit library for Cedar Rapids here: https:\/\/qtsdatacenters.com\/cedar-rapids-media-kit\/&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;QTS aims to expand its data center portfolio with this $10 billion project in Cedar Rapids, Iowa\u2014the largest economic development in the city\u2019s history. Image courtesy of QTS Data Centers&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/QTS-Cedar-Rapids.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/QTS-Cedar-Rapids.jpg\" alt=\"Exterior rendering featuring Blackstone's QTS Data Center's project in Cedar Rapids, Iowa.\" class=\"wp-image-1004777646\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/QTS-Cedar-Rapids.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/QTS-Cedar-Rapids.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/QTS-Cedar-Rapids.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/QTS-Cedar-Rapids.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">QTS aims to expand its data center portfolio with this $10 billion project in Cedar Rapids, Iowa\u2014the largest economic development in the city\u2019s history. <em>Image courtesy of QTS Data Centers<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>QTS Data Centers, which is wholly owned by Blackstone, will secure a $3.5 billion CMBS note to refinance 10 data centers across six markets, <a href=\"https:\/\/www.nytimes.com\/2025\/11\/08\/business\/dealbook\/debt-has-entered-the-ai-boom.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><em>The New York Times<\/em> first reported<\/a>. The properties are spread across six markets, with Atlanta, Dallas and Norfolk, Va., among them.<\/p>\n\n\n\n<p>Blackstone&#8217;s refinanced portfolio totals 214.9 megawatts across 3.2 million square feet, according to <a href=\"https:\/\/dbrs.morningstar.com\/research\/467185\/bx-commercial-mortgage-trust-2025-volt-presale-report\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">reports by Morningstar DBRS<\/a>, and <a href=\"https:\/\/www.fitchratings.com\/research\/structured-finance\/fitch-to-rate-bx-commercial-mortgage-trust-2025-volt-presale-issued-12-11-2025\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">credit rating company Fitch<\/a>. <\/p>\n\n\n\n<p>Citi Real Estate Funding, Bank of America, Bank of Montreal, Barclays, BNP Paribas US Wholesale Holdings, Goldman Sachs, JP Morgan, Morgan Stanley, Natixis, Santander, Wells Fargo will originate and sell the debt. The loan features interest-only payments for the initial two-year period, with a floating rate of 6.25 percent. Three one-year note extensions are also possible.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/sior-special-report-how-to-dominate-the-data-center-market\/\">SIOR Special Report: How to Dominate the Data Center Market<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Once closed, this will be the largest debt placement of its kind so far this year. For reference, data center CMBS issuance clocked in at $5.7 billion during the first half of 2025, <a href=\"https:\/\/www.goldmansachs.com\/what-we-do\/investment-banking\/insights\/articles\/powering-the-ai-era\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Goldman Sachs reported<\/a>. ABS debt origination, however, was higher, landing at $6.6 billion during the same interval.<\/p>\n\n\n\n<p>Blackstone looked to close both kinds of deals. In June, it set out to obtain a $1.5 billion CMBS loan to refinance two hyperscale properties in Atlanta and Sandston, Va., while just three months later, it began procedures to <a href=\"https:\/\/www.commercialsearch.com\/news\/blackstones-qts-seeks-600m-loan\/\">secure a $599.8 million ABS note<\/a> for a Phoenix data center.<\/p>\n\n\n\n<p>Single-asset, single-borrower deals are rapidly growing in popularity across the data center market. While the first such issuance closed in 2021, these sector arrangements accounted for 13 percent of the entire SASB market as of May, Goldman Sachs points out, citing Green Street.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-data-centers-capital-demand-is-expected-to-go-into-the-trillions\">Data centers&#8217; capital demand is expected to go into the trillions<\/h2>\n\n\n\n<p>This growing appetite for data centers across capital markets is expected to reach staggering demand, which <a href=\"https:\/\/www.mckinsey.com\/industries\/technology-media-and-telecommunications\/our-insights\/the-cost-of-compute-a-7-trillion-dollar-race-to-scale-data-centers\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">McKinsey estimates<\/a> at $6.7 trillion worldwide by 2030. Just within the past three months, Google, Meta, Microsoft and Amazon spent some $112 billion on capital improvements across the sector, <a href=\"https:\/\/www.nytimes.com\/2025\/10\/31\/technology\/ai-spending-accelerating.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">according to <em>The New York Times<\/em><\/a>.<\/p>\n\n\n\n<p>Meta plans to build what might become the largest data center in the Western Hemisphere. The company <a href=\"https:\/\/www.commercialsearch.com\/news\/meta-picks-winners-for-29b-data-center-deal\/\">selected its financing partners<\/a> for a $29 billion deal to develop this Louisiana project earlier this summer.<br><br><em>This article was updated on Nov. 13, 2025. Added information included energy consumption, square footage, the bank consortium involved, as well as further loan specifics. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This marks the largest deal of its kind so far this year.<\/p>\n","protected":false},"author":3471,"featured_media":1004777646,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21755,21808,21825,23891,21742],"tags":[32892],"class_list":["post-1004777645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-data-centers","category-featured","category-finance","category-national","category-latest","tag-blackstone"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Blackstone&#039;s QTS to Close $3.5B Data Center Refi - 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