One of the largest construction loans in recent years has been arranged for a 100-acre artificial intelligence (AI) data center in Utah.
The Wall Street Journal reports JPMorgan Chase and Starwood Property Trust are lending $2 billion for the data center campus in West Jordan, a suburb of Salt Lake City. The borrower is a venture between real estate investor CIM Group and Novva Data Centers.
The new data center is designed to provide 175 megawatts of continuous power. CIM and Novva began constructing the first phase of the facility in 2020 without signed leases, completing their construction in 2023. The center is slated to open in 2026 and is already fully leased.
This is the second data center construction loan this year of more than $2 billion – in January, JPMorgan Chase originated a $2.3 billion loan for a facility in Abilene, Texas.
Photo courtesy Novva Data Centers
