Blue Owl Capital, Crusoe and Primary Digital Infrastructure have secured a $7.1 billion construction loan to fund the second phase of a $15 billion joint venture to fund a 1.2-gigawatt AI data center in Abilene, Texas.
Newmark arranged the funding, and a consortium led by J.P. Morgan provided the loan.
Under the terms of the joint venture, Crusoe, in combination with funds managed by Blue Owl’s Real Assets platform, along with Primary Digital Infrastructure, will jointly sponsor the construction of six new buildings, bringing the center to eight buildings upon completion. Construction of the first phase, comprising two buildings and 200-plus megawatts, began in June 2024 and is expected to be energized in the first half of 2025. Construction of the second phase, consisting of the six additional buildings and a total of 1.2 gigawatts, began in March 2025 and is expected to be energized in mid-2026, setting a new bar for the speed of delivery for greenfield, hyperscale
