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Chirisa secures $200 million loan to fit out Virginia data center for CoreWeave

Chirisa, a real estate investment company, has successfully secured $200 million in construction financing to facilitate the development of a turnkey data center spanning 242,000 square feet (22,480 square meters). The facility is intended for CoreWeave, an AI cloud provider. Commercial Observer (CO) reported the financing deal, citing sources familiar with the transaction. The loan was provided by an undisclosed Brookfield infrastructure fund, with CBRE serving as negotiators.

CoreWeave has entered into a 12-year lease commitment for the property, with the option for two five-year extensions. The data center is located at 1401 Meadowville Technology Parkway, just outside Richmond in Chesterfield County, Virginia. It offers a capacity of 27MW and is situated within an 88-acre campus owned by Chirisa.

Originally built for Capital One in 2013, the Meadowville campus was repurposed after Capital One’s exit. Digital Fortress, a subsidiary of Chirisa, took over the site, relaunching it in May 2021. At that time, the facility had day-one availability of 18,270 square feet (1,700 square meters) and 4.1MW of capacity in a single data hall, with a 200,000 square feet (18,500 square meters) shell core expansion space designed to support up to 25MW.

Chirisa Technology Parks was established in late 2022, marking a shift away from retail colocation services through Digital Fortress to focus on hyperscale and single-tenant leasing.

With shell and core developments now complete, the Brookfield financing will support Chirisa in the tenant fit-out phase for CoreWeave. Three new data halls are expected to come online in October, January, and April 2024. Once fully developed, the campus has the potential to support up to 500,000 square feet (46,450 square meters) of floorspace and up to 100MW of capacity.

CoreWeave, founded in 2017, initially focused on crypto and blockchain applications before transitioning to generative AI. The company has secured substantial investment and debt funding this year. Notably, CoreWeave signed a multi-billion dollar deal with Microsoft, which hosts OpenAI, due to a GPU supply shortage.

As of now, CoreWeave operates three data center regions in the United States: US East in Weehawken, New Jersey; US West in Las Vegas, Nevada; and US Central in Chicago, Illinois. The company plans to operate 14 data centers by the end of 2023.

The spokesperson for Chirisa Technology Parks expressed their support for CoreWeave’s growth and technology development at the Richmond campus, highlighting their engagement with other strategic customers for future developments in Chesterfield.

The Chester facility is located near a data center that previously hosted Virginia Information Technologies Agency (VITA) infrastructure, which was recently put up for sale following VITA’s exit from the site last year.

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