Penzance has secured over $100 million in construction financing for its latest endeavor, the Chantilly Premier project, which marks a significant development in Northern Virginia. This facility is designed as a fully leased powered shell, making it an attractive option for businesses needing reliable data center solutions. The project is strategically located in an area known for its exceptional connectivity to fiber and power infrastructure, positioning it within the world’s largest data center market.
In this financing effort, Cushman & Wakefield played a crucial role as the exclusive advisor to Penzance. The firm was instrumental in securing the necessary funding from QuadReal Property Group, which is well-regarded as a global leader in real estate investment, development, and operations. The collaboration between Penzance and QuadReal underscores the project’s potential impact in the rapidly growing data center landscape.
The deal was managed by a specialized team from Cushman & Wakefield, which included experts Marshall Scallan, Michael Zelin, and Bindi Shah. Their knowledge and experience in equity, debt, and structured finance were vital in navigating the complexities of this deal, ensuring that the financing was obtained to bring the Chantilly Premier project to fruition. And this partnership signals a positive outlook for the project, highlighting Penzance’s commitment to enhancing Northern Virginia’s infrastructure.
KEY QUOTES:
“Penzance is excited to break ground on this project, which will deliver critical digital infrastructure in the world’s largest and most important data center market. We continue to advance our development pipeline and scale our platform in the data center industry, which reflects our commitment to the sector and the strength of this core data center market.”
Cristopher White, Partner at Penzance
“This latest debt financing is in direct alignment with QuadReal’s investment strategy and our conviction in alternatives including data centers. We are excited to partner with Penzance as they continue to scale their platform in key markets.”
Paul Stern, Senior Vice President, U.S. Debt Investments at QuadReal
“We are thrilled to advise Penzance on this pivotal transaction. Chantilly Premier stands out as a best-in-class development due to its robust infrastructure, and premier location in Data Center Alley. Securing this financing highlights the strong market appetite for high-quality, preleased assets backed by experienced sponsors.”
Marshall Scallan
