CIT Arranges T5@Portland Financing
CIT Group served as lead arranger in a $55.5 million senior secured credit facility to T5@Portland. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.
Proceeds will be used to finance the construction of the T5 Portland Project (T5@Portland) — a 104,000 square-foot Tier III data center in the Portland, OR, suburb of Hillsboro.
“We are very pleased to provide this financing to T5@Portland,” said Tom Westdyk, group head and managing director of CIT Corporate Finance, Communications, Information Services & Technology. “Portland continues to be one of the most desired data center markets in the United States with its access to clean and reasonably priced energy, its limited natural disaster risk, its prolific network connectivity and its skilled labor force. This transaction puts CIT’s knowledge, expertise and experience in the data center sector to work for T5. We look forward to further growing this relationship.”
Joe Junda, managing director of CIT Corporate Finance, Communications, Information Services & Technology, added, “T5 Data Centers is a leading and experienced wholesale data center owner and operator with a strong management team. The company has a track record of delivering customizable, high quality scalable data centers that are redundant and high powered facilities that provide an ‘always on’ computing environment used to facilitate and power mission critical business applications for various tenants. Portland has a proven demand for data centers and should be an excellent location for this new facility.”
Pete Marin, president and CEO of T5 Data Centers, said, “T5@Portland is a brand new, purpose-built data center offering concurrently maintainable infrastructure designed to support flexible data hall sizes and densities. CIT’s breadth of knowledge of this sector was impressive. The deal team worked efficiently and smoothly and was an excellent partner for this transaction.”
Tim Jordan, managing director of Jones Lang LaSalle, said, “We’re pleased we could act as a Placement Agent on this transaction by connecting the bench strength and financing power of CIT with T5, a leader in developing state-of-the-art data centers across the country. The result is a closed transaction on a high profile data center and a newly formed relationship between companies that will continue to grow.”