Blackstone-owned QTS Data Centers is looking to refinance three data center campuses across Atlanta, Illinois, and Virginia through a more than $2 billion Commercial Mortgage-Backed Securities (CMBS) note.
According to a pre-sale report from Morningstar DBRS, the loan will be used to refinance an existing $1.36 billion debt associated with the three data center campuses, as well as fund general corporate expenses, fund upfront booked-but-not-billed capex reserve and gap rent reserve, and pay closing costs associated with the transaction.
The three campuses referenced are SUW1DC2 in Suwanee, Atlanta, with 23MW of built capacity; Chicago, Illinois-based CHI1DC1, with 38.6MW of built capacity; and MAN1DC5 in Manassas, Virginia, with 19.6MW of built capacity.
The loan will be sold by a group of banks, including Bank of America, Bank of Montreal, Barclays, Citigroup, Goldman Sachs, Morgan Stanley, Royal Bank of Canada, Scotiabank, and Wells Fargo Bank.
The closing date is expected to be February 25, 2026.
Founded in 2003, QTS was acquired by Blackstone in 2021 for $10 billion. According to its website, the company has multiple data center sites worldwide, either in operation or under construction, including in the US, UK, the Netherlands, and Spain.
Last year, Blackstone closed a $3.46 billion CMBS transaction to refinance 10 data centers across the US, paying off a previous CMBS loan acquired in 2021.
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