Vantage has secured a $735 million refinancing loan, with its data centers in Phoenix as collateral.

First reported by BisNow, the company secured the funds from Wells Fargo, Citibank, and Goldman Sachs; the five-year, fixed-rate loan is backed by three fully leased, single-tenant data centers in the firm’s campus in Goodyear, Arizona, according to a Fitch Ratings report.

The loan will be used to refinance the $560m of existing debt on the three data centers. The remainder will pay estimated closing costs and return $164.5m in equity to Vantage.

Vantage didn't respond to Bisnow’s request for comment.

According to BisNow, a single unnamed tenant occupies all three buildings via six 15-year leases, with around 14 years left and multiple options to extend.

The same tenant has reportedly pre-leased a 64 MW data center under construction at the campus and retains an option for a 48MW facility planned for the property. Those two are not part of the loan.

Vantage’s Phoenix (AZ1) campus in Goodyear will total five facilities across 50 acres, offering a total of 176MW across 1 million sq ft (92,903 sqm).

Vantage bought the land in early 2019 and began construction work the same year. It completed work on the first building in November 2021 and broke ground on another in October 2022 and topped it out late last year.

The company acquired land in the Glendale area of Phoenix in 2023 , but is yet to announce plans for the site.

Global Capital reports Stonepeak-backed Cologix is seeking to raise $540m via data center ABS securitization financing.