A group of developers led by Blue Owl Capital Inc.’s real estate arm obtained a $600 million construction loan for a data center project in Virginia.

The financing was provided by a syndicate led by Societe Generale SA, according to a statement. The site, within the Chirisa technology park in Richmond, is leased to CoreWeave, a cloud-computing provider for artificial intelligence that’s backed by Nvidia Corp.

A Newmark Group Inc. team including Jordan Roeschlaub and Brent Mayo arranged the financing.

“This transaction reflects the continued appetite for innovative, large-scale digital infrastructure solutions in key markets,” Roeschlaub said in the statement.

The 50 megawatt data center is expected to deliver initial capacity in 2025, according to the statement.

Demand for data centers has soared, fueled by expansion among AI firms, hyperscalers and computing companies. The data center construction pipeline reached an all-time high this year, according to Newmark.

Visit SFNet's Deal Table