Virginia: Chirisa obtains a $200 million loan to outfit a CoreWeave data facility in Virginia

Sep 20, 2023 | Posted by Abdul-Rahman Oladimeji

Chirisa Investments has secured financing for constructing a data center in Chester, Virginia. Chirisa received $200 million in construction funding to build CoreWeave's 242,000-square-foot turnkey data center, according to Commercial Observer. According to CO sources, an undisclosed Brookfield infrastructure fund granted the loan, with CBRE negotiating.

CoreWeave has a 12-year lease with two 5-year extensions. It offers 27MW and is part of Chirisa's 88-acre complex at 1401 Meadowville Technology Parkway in Chesterfield County outside Richmond.

Meadowville was created for Capital One in 2013. The business announced a $150 million Chesterfield County factory in 2012. Chirisa subsidiary Digital Fortress took over the site when Capital One left. Relaunching the facility in May 2021, the business said it has day-one availability of 18,270 sq ft and 4.1MW of capacity in a single data hall, with a 200,000 sq ft shell core extension area supporting up to 25MW available to deliver.

Chirisa Technology Parks was founded in late 2022, and the investment company switched from retail colo to hyperscale/single-tenant leasing through Digital Fortress. CO said Brookfield financing would enable Chirisa to finish CoreWeave tenant fit-out after shell and core projects. The following data halls will open in October, January, and April 2024. Upon completion, the complex could support 500,000 sq ft and 100MW.

Established in 2017, CoreWeave focuses on crypto and blockchain applications. The specialized cloud service converted from crypto mining before the generative AI boom and raised billions in investment and debt this year. Microsoft, which hosts OpenAI, signed a multi-billion dollar arrangement with CoreWeave to use its cloud service for specific workloads due to the GPU shortage.