Penzance Secures over $100 Million in Construction Financing from QuadReal and Breaks Ground on a Northern Virginia Data Center
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CHANTILLY, Va.--(BUSINESS WIRE)--
Penzance secured construction financing and broke ground on Chantilly Premier, a 100% leased powered shell located in Northern Virginia. The project benefits from exceptional connectivity to fiber and power infrastructure in the world’s largest data center market.
“Penzance is excited to break ground on this project, which will deliver critical digital infrastructure in the world’s largest and most important data center market. We continue to advance our development pipeline and scale our platform in the data center industry, which reflects our commitment to the sector and the strength of this core data center market,” Cristopher White, Partner at Penzance, said in a statement.
Cushman & Wakefield served as the exclusive advisor to the borrower in securing the financing from QuadReal Property Group (QuadReal), a global real estate investment, development and operating company. A Cushman & Wakefield Equity, Debt & Structured Finance team of Marshall Scallan, Michael Zelin, and Bindi Shah represented the borrower in the transaction.
“This latest debt financing is in direct alignment with QuadReal’s investment strategy and our conviction in alternatives including data centers,” said Paul Stern, Senior Vice President, U.S. Debt Investments at QuadReal. “We are excited to partner with Penzance as they continue to scale their platform in key markets.”
“We are thrilled to advise Penzance on this pivotal transaction," said Scallan. “Chantilly Premier stands out as a best-in-class development due to its robust infrastructure, and premier location in Data Center Alley. Securing this financing highlights the strong market appetite for high-quality, preleased assets backed by experienced sponsors.”
Penzance is a fully integrated real estate owner, operator, developer, and fund manager. Founded in 1996, the firm has built a track record of successful investing in multifamily, industrial, data center, and other commercial properties across the Mid-Atlantic, creating a reputation for attention to detail and focused, active asset management. Penzance professionals combine entrepreneurial and institutional real estate experience with in-depth local market knowledge. Its core competencies include acquisitions, development, asset management, leasing, property and construction management, capital markets and finance, fund management, and investor reporting. Over its history, Penzance has managed over $4.5 billion of gross asset value and, today, manages over $1.1 billion of discretionary capital on behalf of high-quality institutional investors through its series of flagship funds. For additional information, visit www.pzre.com.
About QuadReal Property Group
QuadReal Property Group is a global real estate investment, development, and operating company headquartered in Vancouver, British Columbia. Its assets under management are CAD $94 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly through operating platforms in which it holds an ownership interest and via programmatic partnerships.
QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.
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