JPMorgan Chase (JPM) and Starwood Property (STWD) agreed to lend $2B for a 100-acre data center campus in West Jordan, Utah, Peter Grant of The Wall Street Journal reports. This is one of the largest construction loans in recent years. The borrower, a venture of CIM Group and Novva Data Centers, said the facility will be able to provide 175 megawatts of continuous power, which would be roughly enough to power 175,000 average-size U.S. homes. Lenders are beginning to write bigger checks for data centers as they grow larger to serve AI.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on JPM:
- FDIC board approves proposal to rescind 2024 Statement of Policy on Bank Mergers
- FDIC to propose rolling back Biden-era bank merger rule, WSJ reports
- Capital One’s Merger with Discover Faces Major Hurdles and Legal Battles
- J.P. Morgan Chase Stock’s (JPM) Technical Indicators Signal a “Buy”
- Synopsys (SNPS) Plans to Sell $10B Worth of Bonds