CIT Communications & Technology Finance served as sole lead arranger and sole lead bookrunner for a senior secured credit facility to ICONIQ Capital, a global multi-family office and merchant bank. The financing supported ICONIQ’s equity recapitalization of T5‘s data centers located in Plano, TX and Hillsboro, OR.

The centers were developed by T5, which owns and manages one of the largest privately held data center portfolios in the U.S. The properties will remain under the T5 brand as part of the company’s portfolio of nine data centers across a nationwide footprint and T5 will continue to hold a meaningful ownership stake in the properties.

Financing was provided by CIT Bank. Terms of the transaction were not disclosed. CIT Treasury Management is also providing cash management services to the legal entities that have control of T5@Dallas and T5@Portland following the recapitalization.

CIT previously served as lead arranger for a $55.5 million financing for the construction of T5@Portland and a $68.5 million financing for the construction of T5@Kings Mountain in North Carolina.

Tom Westdyk, group head and managing director, CIT Communications & Technology Finance, said, “We are excited to build upon our relationship with T5 by leading this transaction, and to begin a new relationship with ICONIQ Capital. The financial solutions we provided demonstrate the depth and breadth of the industry expertise, capital markets capabilities and cash management products that CIT delivers to its clients.”