CIT joins funders of Compass Datacenters

Compass Datacenters and KeyBank, as syndication agent; have secured a $25 million credit commitment from CIT Group, with financing provided by CIT Bank.
Compass says this latest commitment brings its total credit facility to $135 million, and it will use the funding to fulfill customer orders for data center facilities and expand its operations into additional metro areas.

CIT joins Compass’ other financial partners that have supported the company’s growth across the US, which include KeyBank, Regions Bank and Raymond James.

Chris Crosby, CEO of Compass Datacenters, said: “These funds will be utilized to support the vision that we have to provide our dedicated data centers anywhere our clients need them. I envision 2015 to be a year in which we scale the business not only in terms of new customers, but also as it relates to the people, processes and systems behind our unique approach to building and operating world-class data centers.”

Joe Junda, managing director, CIT corporate finance, communications, information services and technology financing, said: “The company’s built-to-suit product seeks to address the major risks faced by data center investors, such as large capital outlays and lease-up risks, by securing long term leases and building Tier III certified scalable data centers that can be built efficiently anywhere in the US.”

“Compass has an excellent management team, led by Chris Crosby, which has deep experience in data center development and construction. Participation in this transaction further supports CIT’s commitment in the data center sector and we look forward to growing this relationship with Compass,” Junda added.

Compass Datacenters builds dedicated data centers that provide customers with pay-as-you-go expansion and future-ready capabilities in a facility that can be built anywhere in under six months.