Newmark Group Secures $7.1 Billion Construction Loan for AI Data Center Development

The substantial loan, facilitated by a consortium led by J.P. Morgan, will fund the second phase of this ambitious project, which is set to establish a 1.2-gigawatt AI data center. Newmark’s Co-President of Global Debt & Structured Finance, Jordan Roeschlaub, expressed pride in the landmark transaction, highlighting the collaboration between Crusoe, Blue Owl, and Primary Digital Infrastructure as a pivotal moment for sustainable digital infrastructure.

Roeschlaub stated, "This partnership not only validates Crusoe's innovative approach to energy and computing but also highlights the growing role of infrastructure capital in enabling next-generation technologies."

The joint venture is set to sponsor the construction of six new buildings, which will complement the existing two buildings from the first phase. The first phase, which kicked off in June 2024, is expected to be energized by the first half of 2025, while the second phase commenced construction in March 2025 and is anticipated to be energized by mid-2026. This rapid development timeline aims to set a new standard for the speed of delivery for greenfield, hyperscale digital infrastructure projects.

Brent Mayo, Head of Data Center Capital Markets at Newmark, emphasized the project's significance, stating, "This funding solution represents a pivotal step forward in delivering next-generation digital infrastructure at a scale and speed that meets the demands of AI innovation."

Newmark has not only played a crucial role in arranging the funding but also served as a strategic advisor during the first phase of construction, successfully securing both equity and debt financing. The collaboration between Newmark’s experts, including Vice Chairman Nick Scribani, Managing Director Ben Kroll, and Co-Heads of U.S. Capital Markets Doug Harmon and Andrew Warin, underscores the firm’s commitment to aligning innovative operators with long-term institutional partners.

Crusoe is championing a mission to harmonize the future of computing with climate sustainability. The company focuses on providing scalable, cost-effective, and environmentally friendly AI infrastructure solutions by leveraging large-scale clean energy and constructing AI-optimized data centers.

Blue Owl Capital, listed on the NYSE under the symbol OWL, has emerged as a leading asset manager with $273 billion in assets under management as of March 31, 2025. The firm operates across three multi-strategy platforms, providing private capital solutions aimed at fostering long-term growth.

Founded by industry veterans, Primary Digital Infrastructure accelerates the growth of hyperscale and AI-driven data centers. The firm specializes in offering flexible capital solutions to top-tier data center owners and operators, thus facilitating expansion in meeting the increasing demand for next-generation digital infrastructure.

Newmark Group's facilitation of the $7.1 billion construction loan marks a significant leap toward enhancing digital infrastructure capabilities in the context of the burgeoning AI sector. This project not only represents a substantial financial undertaking but also a commitment to sustainable practices in technology development, thus paving the way for the next generation of data centers. The coming years will be pivotal as these developments unfold, potentially setting new standards for the industry.