BYTEGRID has secured a $25 million revolving credit facility that could be increased up to $100 million from KeyBank Real Estate Capital. McLean, Va.-based BYTEGRID operates three data centers.
MCLEAN, VA–(Marketwired – Jun 3, 2013) – BYTEGRID®, a leading national data center company focused on the nationwide acquisition, development and operation of premier wholesale data center facilities, today announced an initial $25 million revolving credit facility that includes an accordion feature allowing BYTEGRID to increase the size of the revolving credit facility up to $100 million. The revolving credit facility was arranged by KeyBank Real Estate Capital which also serves as the facility’s administrative agent.
The funding will support BYTEGRID’s national expansion strategy focused on increasing data center capacity primarily in underserved markets. BYTEGRID’s data centers are highly secure, compliant business platforms serving some of the world’s largest companies. BYTEGRID’s innovative wholesale model offers a compelling alternative for local organizations and Fortune 500 companies currently or planning to outsource their data center capacity.
BYTEGRID now operates three data centers encompassing more than 625,000 square feet of superior wholesale data center space meeting the highest standards for security and reliability.
The availability of new capital under the new credit facility will be deployed across BYTEGRID’S wholesale data center platform to:
• Continue making new data center acquisitions as well as promoting customer leasing activity within current BYTEGRID data centers;
• Support the expansion of new, sellable space associated with current facilities;
• Fund technology, security and facility enhancements in each acquired facility to meet BYTEGRID standards for financial and compliant-grade data center infrastructure.
Earlier today, BYTEGRID announced the acquisition of Cleveland Technology Center, the market leader in secured telecommunications and data center facilities in Cleveland, encompassing over 333,000 square feet of highly secure, robust power and fiber-rich data center space.
Late last year, BYTEGRID acquired a 77,322 square foot world-class, carrier neutral facility in Alpharetta, Georgia. Prior to this, BYTEGRID expanded and enhanced its flagship 214,000 square foot Silver Spring facility, the largest multi-tenant data center in the state of Maryland. The company is currently leasing space in these centers while planning the acquisition of additional facilities this year.
“BYTEGRID is pioneering an innovative new model for unlocking wholesale data center capacity,” said Robert Avil, Senior Vice President, KeyBank. “BYTEGRID’s secure and highly scalable data center platform focused on underserved markets is being well received by both large enterprises and government entities looking for the highest levels of security as well as innovative features such as compliant in-center cloud bursting. BYTEGRID is led by a savvy and multi-dimensional management team well-versed in all facets of data center design, development and operations, as well as real estate finance, leasing and capital markets, all coming together with a focus on establishing a leadership position.”
“This financing, together with the continued support of our private equity sponsor, will help ensure our success in executing on our strategy of rapidly becoming the leading provider of wholesale data center capacity for underserved markets,” said Kenneth Parent, CEO of BYTEGRID. “KeyBank is a leading financial institution that has funded some of the world’s most successful data center platforms. We very much appreciate their recognition of our capabilities and support of our expansion strategy.”
About KeyBank Real Estate Capital KeyBank Real Estate Capital is one of the nation’s leading commercial real estate finance providers. Its professionals, located in select markets coast-to-coast, provide construction and interim finance, permanent mortgage and commercial real estate loan servicing, as well as investment banking and cash management services for virtually all property types. As a Fannie Mae Delegated Underwriter and Servicer and Freddie Mac Program Plus Seller/Servicer, KeyBank Real Estate Capital offers a variety of agency financing solutions for multifamily properties, including seniors housing and student housing.
About BYTEGRID® BYTEGRID Holdings LLC, is a privately-held company headquartered in Northern Virginia focused exclusively on the nationwide acquisition, development and operation of premier wholesale data center facilities. The company serves the growing need for mission-critical data center space by providing highly secure, interconnected, carrier-neutral, and density-robust data centers that serve commercial, government and service provider markets. BYTEGRID currently owns and operates data centers in the Washington, DC and Atlanta, GA metro areas with plans to acquire several additional facilities in 2013. The company is led by industry veterans with significant experience in data center operations, design and construction; data center sales and marketing; real estate development and finance; and telecommunications. For more information, please visit www.BYTEGRID.com.