CIT funds data center development

CIT Group’s communications and technology finance subsidiary has provided $68.5 million in funding for a major data center development in Charlotte, North Carolina, which is being developed by T5@Kings Mountain VII, an affiliate of a joint venture of T5 Data Centers, and Iron Point Partners.

“The new Kings Mountain data center will be located in T5@Kings Mountain, an established 280-acre data center park that has a dedicated 180mw substation, redundant water supply, and local and long-haul fiber connectivity from several major providers,” said Pete Marin, president and CEO of T5 Data Centers. “Having recently worked with CIT, we knew that they had a deep and insightful understanding of the data center market and would be the ideal financing partner for this transaction.”

“We are pleased to have an opportunity to support T5 and Iron Point on another build-to-suit data center project after successfully financing the data center construction of T5@Portland last year,” said Tom Westdyk, group head and managing director, CIT communications and technology finance.

Joe Junda, managing director, CIT communications and technology finance, added: “The combination of favorable tax incentives, low power costs, dependable access to power, abundant fiber connectivity and a strong base of corporate headquarters position Charlotte as a viable location in the data center market.”

“T5 Data Centers is a leading and experienced national data center owner and operator with a quality management team. It was a pleasure to work with them and provide the necessary funding required to execute this project. CIT’s knowledge and long-term commitment to lending in the data center sector allowed us to successfully lead this transaction,” Junda added.