BETHESDA, Md., – Phillips Realty Capital announced that a $67,000,000 transaction on behalf of Element Critical and its sponsors, Safanad and Industry Capital, has closed and funded. A team led by Bryan Leigh at EagleBank provided the funds to refinance and improve the 199,097 SF Tier III data center and office building located in Vienna, VA. Phillips Realty Capital’s William Lawson, Adam Bieber, and Harmon Handorf structured the debt financing.
Located at 7990 Quantum Drive, Element Critical’s Northern Virginia facility was built in 1978 and acquired by Safanad Industry Capital Internet Infrastructure, L.P. in 2016 from The Meridian Group. At completion, the Property will feature nearly 130,000 square feet of raised floor, including an 8 MW expansion of critical power in a N+1 redundancy configuration. This transaction will help fund the expansion plans that began shortly after the 2016 acquisition. The Property is predominately leased by publicly traded, investment grade tenants.
“On behalf of Element Critical and our sponsors, we were pleased with the market’s reaction to our transformation and enhancement of Quantum Drive,” said Ken Parent, CEO of Element Critical. “We were impressed by both Phillips Realty Capital’s financing team’s ability to tell our story and structure accretive capital and EagleBank’s well-tailored loan that will enable us to reach our goals with this asset.”
Lawson explained, “The capital markets for data center financing are rapidly evolving with more traditional and conventional lenders starting to invest in the space. Element Critical and its sponsors offer a powerful blend of capital expertise and operational excellence within the industry. EagleBank quickly demonstrated their deep knowledge and understanding of the market and provided our sponsor with a terrific structure for the next phase in this asset’s life-cycle.”
“Northern Virginia is the largest and most dynamic data center market in the world. Structuring debt in this critically important market for sponsors with expertise and passion is incredibly rewarding,” said Bryan Leigh, SVP Commercial Real Estate at EagleBank. “We are very optimistic about the market and this asset in particular, and we’re committed to deploying more capital into this space.”
Contact Information:
Phillips Realty Capital
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Source: IcrowdNewsWire