Dealmaker: Phillips Realty Capital Structures $72M Refinance for Chicago Data Centers

Phillips Realty Capital, Bethesda, Md., structured $71.5 million for Element Critical and Safanad Inc.to refinance their Chicago data center portfolio.

The loan from Annaly Capital Management, New York, will be used to enhance and expand two data center facilities located across the street from one another in Chicago’s Elk Grove Village submarket.

PRC Director William Lawson, Managing Director Adam Bieber, Director of Underwriting Harmon Handorf and Financial Analyst Blake Kline structured the debt financing. The same team worked with Element Critical on its $67 million refinancing of its northern Virginia data center facility in 2019.

Built in 1982 and acquired by Safanad in 2019, the two data centers have nearly 200,000 square feet of rentable area, with operational data center and disaster recovery office space to support more than 80 tenants under lease. The data centers together total 115,000 square feet of raised floor space and up to eight megawatts of leasable power capacity.

PRC also advised on RAS Property Group’s acquisition of a Class A apartment community in the Jacksonville, Fla. area.

RAS Property Group, Boca Raton, acquired The Lofts at Wildlight, a new garden-style community in the Wildlight master-planned community for $55.8 million. The property has 279 Class A apartments in five buildings.

Upon completion, the 2,900-acre Wildlight community will offer seven million square feet of office, commercial, medical, industrial and residential space in Jacksonville’s Nassau County submarket.