Newmark Arranges $7.1 Billion Construction Loan for AI Data Center in Texas
Newmark Group, Inc. (Nasdaq: NMRK), a leading commercial real estate advisory and service provider, has successfully arranged a $7.1 billion construction loan for Blue Owl Capital, Crusoe, and Primary Digital Infrastructure.
The loan, provided by a consortium led by J.P. Morgan, will fund the second phase of a $15 billion joint venture aimed at developing a 1.2-gigawatt AI data center in Abilene, Texas.
Key Details
A joint venture between Crusoe, Blue Owl Capital, and Primary Digital Infrastructure has secured a $7.1 billion construction loan, led by a consortium of lenders headed by J.P. Morgan, to develop a massive 1.2-gigawatt AI data center in Abilene, Texas.
The project will unfold in two phases: the first phase includes two buildings totaling over 200 megawatts, scheduled to be energized by mid-2025, while the second phase will add six more buildings, bringing the total capacity to 1.2 gigawatts by mid-2026.
Brent Mayo, Head of Data Center Capital Markets at Newmarksaid, “"This funding solution represents a pivotal step forward in delivering next-generation digital infrastructure at a scale and speed that meets the demands of AI innovation,
He added, “Newmark played a critical role in structuring and securing the capital required to bring this transformative project to life, aligning innovative operators with long-term institutional partners."
Phase 1 of the project began construction in June 2024, involving two buildings with energization expected in the first half of 2025. Phase 2 commenced in March 2025, adding six more buildings to the development, with energization targeted for mid-2026.
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The data center in Abilene will serve as a major player in the AI industry, providing scalable, high-performance infrastructure to meet the needs of AI applications. The project is expected to set a new benchmark for the delivery of greenfield, hyperscale digital infrastructure.
