Existing facility to be improved.
iM Critical has secured $32.6m in financing to recapitalize an in-development data center in Miami.
The company secured the financing from Nuveen Green Capital, an affiliate of investment manager Nuveen specializing in sustainable real estate financing.
iM Critical, which operates the 100,000 sq ft (9,300 sqm), 10MW facility, was midway through improvement works before deciding to refinance.
Refinancing was done through the Commercial Property Assessed Clean Energy (C-PACE) program. According to the US Department of Energy, C-PACE is a debt facility “in which building owners borrow money for energy efficiency, renewable energy, or other projects and make repayments via an assessment on their property tax bill.”
In this case, C-PACE-financed measures include the “building envelope, water efficiency, lighting, power & cooling infrastructure, [and the] high-performance compute environments." The financing term is 27 years.
The facility has been operational since June 2022, and the C-PACE measures are set to be completed by August 2025.
Nuveen Green Capital announced on LinkedIn that it was able to “secure more favorable financing terms.”
C-PACE typically offers lower interest rates than mezzanine loans, and it can be used by itself or in conjunction with other kinds of financing. It is unclear which category the improvements to the Miami facility fit into.
C-PACE is legally enabled in over half of all American states.
The organization has previously funded data center developments with C-PACE financing - $40 million was invested to turn the former Compaq Computer Campus in Houston, Texas, into a data center campus.
Nuveen is the investment manager of the Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, an American financial services organization. Nuveen recently invested in CleanArc Data Centers, funding the operator’s debut data center in Virginia.
iM, led by Michael Roark, is an American data center company based in Florida. It operates two data centers in total, with the other located in Pittsburgh.
