WASHINGTON, Jan. 15,
2025 /PRNewswire/ -- JLL's Capital Markets group
announced today that it arranged over $1.2
billion in construction financing throughout 2024 on behalf
of The BlackChamber Group ("BlackChamber"). The financings
will facilitate the development of four hyperscale powered shell
campuses located across Northern
Virginia collectively totalling over 740 megawatts of
capacity.
JLL worked on behalf of BlackChamber to arrange the financings
as part of BlackChamber's Northern
Virginia development portfolio, which includes eight
campuses with the prospective capacity to yield nearly 1.5 GW of
gross power capacity across more than six million square feet.
BlackChamber was advised by JLL's Capital Markets Debt Advisory
team led by Jamie Leachman, Senior
Managing Director and Co-Head of the Washington, D.C. office and Drake Greer, Senior Director and member of JLL's
National Data Center Capital Markets team.
"Against a dynamic and challenging market backdrop, JLL
leveraged their relationships, creativity and expertise to drive
seamless and unrelenting execution with a variety of different
lenders, ultimately delivering value-accretive and strategically
beneficial financing solutions," BlackChamber Managing Partner
Conley Patton said.
Northern Virginia is the
largest data center market in the world, comprising more than 4.6
GWs of power capacity as of 1H 2024. In 2024, Northern Virginia saw more than 1.3 GWs of
absorption, ending the year with a vacancy rate of just 0.4%.
Currently, in Northern Virginia
there is more than 5.8 GWs of planned data center development.
"We are seeing incredible demand for data centers with the
consistent appetite from Cloud, AI and Enterprise tenants and this
in turn has created a larger focus from various capital sources,"
Leachman said.
"What was once a small alternative segment of the commercial
real estate industry is now a large segment of equity and debt
deployments. BlackChamber's recent construction loan closings are
evidence of the diverse capital chasing data centers. Our recent
closings include capital from bank balance sheets, both commercial
real estate and infrastructure verticals, but also private credit
vehicles funded with insurance company capital," Greer added.
JLL's dedicated Capital Markets group is a full-service global
provider of capital solutions for real estate and infrastructure
investors and occupiers. The group's in-depth local market and
global investor knowledge delivers the best-in-class solutions for
clients — whether investment sales and advisory, debt advisory,
equity advisory or a recapitalization. The National Data Center
Capital Markets team is run by Senior Managing Director
Carl Beardsley.
For more news, videos and research resources, please visit
JLL's newsroom.
About BlackChamber
The BlackChamber Group is a
purpose-built, vertically integrated data center developer and
SEC-registered investment adviser headquartered in Washington, DC. Designed from inception
to be an optimized real estate partner for the world's leading
hyperscale technology firms in augmenting their infrastructure
base, BlackChamber has extensive industry experience and a track
record of successful data center development execution.
About JLL
For over 200 years, JLL (NYSE:
JLL), a leading global commercial real estate and investment
management company, has helped clients buy, build, occupy, manage
and invest in a variety of commercial, industrial, hotel,
residential and retail properties. A Fortune 500 company with
annual revenue of $20.8 billion and
operations in over 80 countries around the world, our more than
111,000 employees bring the power of a global platform combined
with local expertise. Driven by our purpose to shape the future of
real estate for a better world, we help our clients, people and
communities SEE A BRIGHTER WAY. JLL is the brand name,
and a registered trademark, of Jones Lang LaSalle Incorporated. For further
information, visit jll.com.
Contact: Kristen Murphy, JLL Director, Public
Relations
Phone: +1 617 543
4873
Email: kristen.murphy@jll.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/jll-raises-over-1-2b-of-construction-financing-in-northern-virginia-for-data-center-developer-the-blackchamber-group-302351933.html
SOURCE JLL
