Today, CIM Group announced that it closed on an initial $125 million loan commitment to Applied Digital, with a potential increase up to $200 million. This loan will fund the construction of Applied Digital’s High-Performance Computing (HPC) Campus in Ellendale, North Dakota. The data center is designed to provide massive computing power and support HPC applications.
Applied Digital is a designer, builder, and operator of next-generation digital infrastructure designed for HPC applications. And in October 2023, the company began construction on the first building, a 100 MW, 342,000-square-foot data center at its HPC campus in Ellendale, ND. And Applied Digital has entered into exclusivity and executed an LOI with a U.S.-based hyperscaler for a 400 MW capacity lease at this campus. The campus has more than 600 MW of future capacity.
Through the CIM Real Estate Debt Solutions business, CIM Group applies its broad experience as an owner, operator, and developer of high-quality commercial real estate to its lending strategy and believes this helps differentiate the company from many other debt providers. And through mortgage and mezzanine loans, affiliates of CIM Group provide bridge and construction financing to owners and developers of commercial real estate in major markets across the United States and works with borrowers to offer an array of lending solutions.
For 30 years, CIM Group utilized its broad expertise to own, develop, reposition, and operate real assets, transforming communities and creating dynamic environments throughout the Americas.
KEY QUOTES:
“As a long-term investor in digital infrastructure, CIM Group appreciates and supports the great strides Applied Digital is making with its diversification into next generation digital infrastructure designed to serve global technology companies.”
- Avi Shemesh, Co-Founder and Principal, CIM Group
“We are excited to partner with CIM Group to fulfill Applied Digital’s vision for the Ellendale campus. CIM’s financing facility will be instrumental in solidifying Applied Digital’s position as a leading HPC data center owner and operator.”
- Wes Cummins, Applied Digital’s CEO
