Vantage Data Centers has obtained a $735M loan from three major banks to refinance a trio of adjoining data centers near Phoenix.
Phoenix
Wells Fargo, Citibank, and Goldman Sachs originated the five-year, fixed-rate loan to Vantage, backed by three fully leased, single-tenant data centers in the firm’s Goodyear, Arizona, campus, according to a Fitch Ratings report.
The loan will be used to refinance the $560M of existing debt on the three data centers, which offer a combined capacity of 64 megawatts across 496K SF. The remaining proceeds will pay estimated closing costs of $10.5M and return $164.5M in equity to Denver-based Vantage.
Vantage didn’t respond to Bisnow’s request for comment.
The banks are working to sell the loan as a commercial mortgage-backed security, and the deal is scheduled to close July 10, the Fitch report says. Trimont is slated to be the master servicer for the CMBS trust.
The three two-story data centers backing the loan occupy 24.4 acres of Vantage’s 50-acre campus in Goodyear, a suburb roughly 19 miles west of Phoenix’s central business district that has emerged as a key digital infrastructure hub in the booming Phoenix data center market.
Directly across the street from the Vantage property, Compass Datacenters is building a 242 MW campus on 190 acres.
Vantage’s Goodyear data centers were developed in six phases between 2023 and 2024 and purpose-built for the single tenant that occupies all three buildings. While the tenant’s identity hasn’t been disclosed — a common practice in the data center industry — the Fitch report identifies the lessee as AAA-rated, suggesting it may be one of the Big Tech hyperscalers that have dominated data center leasing.
The tenant’s occupancy in Goodyear is through six separate 15-year leases with a weighted average remaining lease term of 13.9 years. All six leases commenced at $89 per kilowatt per month with 1.75% annual escalations, placing current rent at 18.6% below market value, according to Fitch. Tenant extension options are also included in the lease that could stretch the average lease term to more than 25 years.
Additionally, the same tenant has preleased a 64 MW data center under construction at Vantage’s Goodyear campus and retains an option for a 48-megawatt facility planned for the property. Neither of those data centers is tied to the new loan.
The Goodyear campus is the only Phoenix-area outpost for Vantage, one of the world’s largest third-party data center providers focused primarily on the hyperscale market. Backed by investors like DigitalBridge, Silver Lake, AustralianSuper and PSP Investments, the company operates a global portfolio of around 2.6 gigawatts, with 22M SF of data center space across 34 campuses.
This month, Vantage has already raised nearly $6B through a pair of separate transactions to fund its continued expansion, securing $5B in green loans to support its North American build-out and raising $820M through an asset-backed securitization tied to its German data centers. In the U.S., the firm’s ongoing projects include a 192 MW campus near Columbus, Ohio, a 618-acre site in Pittsboro, Indiana, and a new development announced this month in Port Washington, Wisconsin.
Vantage’s expanding campus in Goodyear is part of a wave of data center development flooding into the Phoenix area — a region where data center inventory jumped 67% in 2024, according to CBRE. All of that new capacity was absorbed. The region is now the fourth-largest data center market in the U.S. with 617 MW of total capacity.
As of the end of last year, Phoenix had 176 MW of new data center space under construction, with more than 87% of it preleased. The market’s overall vacancy rate was cut in half to 1.7% in the first quarter, CBRE reports — an indicator of strong leasing activity.