1025OCR, the operator of the 1025Connect data center in Westbury, Long Island, New York, has closed a $14 million secured credit facility.
The funds will be used to enhance the infrastructure of a 200,000 square foot (18,580 sq m) building.
Core infrastructure upgrades
“We are seeing a strong demand for the colocation/data center facility that offers unmatched international carrier connectivity and a unique bypass alternative to New York City,” Jeff Wasserman, chairman of 1025OCR, said.
“This infusion of new capital will support our ability to build capacity and capabilities to meet burgeoning customer demand. We will continue to invest in the core infrastructure in order to enhance our platform going forward.”
Last year, the company embarked on a $20.8 million expansion and renovation initiative, helped along by just under $1m in tax breaks. At the time, 1025OCR said it planned to install new backup generators and new air conditioning equipment, construct new offices and expand parking spaces on neighboring land.
The renovation project could take as long as seven years to complete, the company said, with Wasserman adding that the data center was on the most secure financial footing it has ever been on.
This is very different from the situation a decade ago - in 2007, the Westbury property saw foreclosure proceedings opened against it as a result of an unpaid $27 million loan.