The Blue Owl, Chirisa, and PowerHouse joint venture has landed a $600 million construction loan for its data center development in Virginia.
The funding was provided by Societe Generale SA, reports Bloomberg, and was arranged by a Newmark Group Inc. team.
Blue Owl announced it was teaming up with Chirisa Technology Parks and PowerHouse Data Centers in August 2024, with the goal of developing up to $5 billion worth of data centers. Those data centers will primarily be for AI cloud firm CoreWeave.
The construction loan will be used for a data center near Richmond, Virginia, on Chirisa's 350-acre site.
Eventually planned to have a capacity of 120MW, the first 50MW data center is expected to deliver initial capacity in 2025.
Jordan Roeschlaub, co-president of global debt and structured finance at Newmark Group, said: "This transaction reflects the continued appetite for innovative, large-scale digital infrastructure solutions in key markets."
Blue Owl has $192 billion in assets under management. The company bought IPI Partners for $1 billion earlier this year, and signed a $3.4 billion joint venture agreement with Crusoe in October.
