CIT Group served as sole lead arranger and administrative agent for a $68.5 million senior secured credit facility provided to T5@Kings Mountain VII, an affiliate of a joint venture of T5 Data Centers and Iron Point Partners.
Financing was provided by CIT Bank, the principal bank subsidiary of CIT. Terms of the transaction was not disclosed.
“The new Kings Mountain data center will be located in T5@Kings Mountain, an established 280-acre data center park that has a dedicated 180mw substation, redundant water supply, and local and long-haul fiber connectivity from several major providers,” said Pete Marin, president and CEO of Charlotte, NC-based T5 Data Centers. “Having recently worked with CIT, we knew that they had a deep and insightful understanding of the data center market and would be the ideal financing partner for this transaction.”
“We are pleased to have an opportunity to support T5 and Iron Point on another build-to-suit data center project after successfully financing the data center construction of T5@Portland last year,” said Tom Westdyk, group head and managing director, CIT Communications & Technology Finance.
T5 builds, owns and operates server-ready single and multi-tenant data centers across North America to meet the demands of today’s corporate users.
Iron Point has raised more than $2 billion in total equity commitments to its private equity funds. It has made investments across most commercial real estate property types, including specialty real estate asset classes, such as data centers, senior living facilities and low-income, multi-housing properties.