Data Center Construction: Project Finance, Deal Dynamics, Lending Structures, Capital, and Anchor Tenant Leases

Ms. Osmond’s practice has a national focus on data center development and leasing, joint ventures, and institutional real estate investment. She represents developers, operators and investors in structuring and negotiating complex data center transactions, including build-to-suit projects, powered shell arrangements and hyperscale campuses. She regularly advises on all phases of the data center lifecycle, including land acquisition and diligence, joint venture formation and capitalization, development, leasing and disposition. Ms. Osmond also has extensive experience representing institutional investors, developers, REITs and corporate users in joint ventures, real estate investment, leasing, financing, acquisitions and dispositions, and corporate real estate services. She frequently structures programmatic joint ventures and real estate investments for developers and institutional investors and advises on the real estate aspects of M&As. In addition, Ms. Osmond represents borrowers, financial institutions and investors in secured real estate financings, including CMBS, agency and portfolio transactions. Her work spans a wide range of asset classes and deal structures, with a focus on aligning legal strategy with business objectives. Ms. Osmond is a frequent speaker on data center transactions, joint ventures and commercial leasing, and has presented on topics including hyperscale lease negotiations, energy and real estate law, and default provisions in real estate joint ventures. She also regularly speaks on office and industrial leasing trends, and has been featured in client conferences, CLE webinars and industry panels.

Mr. Promrat represents major developers and national, regional, and local companies before local governments in all facets of the land use and development approval process, which includes rezoning applications and special exceptions. His practice includes prominent transit-oriented, mixed-use, residential, and data center projects throughout the Northern Virginia area. Mr. Promrat regularly interacts with local planning, transportation, and environmental staffs, planning commissions, elected officials and interested citizens organizations to assist clients in obtaining the necessary state and local governmental approvals. He also counsels on all zoning and litigation risks facing development projects in Northern Virginia and around the country. Mr. Promrat has particular focus in land-use litigation, including neighbor standing to challenge land use approvals, compliance with land use procedural statutes, and the intersections of state and local governmental authority to regulate the built environment.

Mr. Stefano has more than 25 years of experience representing sponsors, project companies, commercial banks, private credit providers, agents, and other transaction parties in connection with the full array of secured and unsecured financing structures, across a wide spectrum of industries. He is the Chair of our U.S. Projects and Energy Finance Group and has particularly extensive experience with the financing of renewable energy, infrastructure (including for data centers, GPUs/TPUs and other digital infrastructure assets) and industrial projects and big-ticket asset acquisitions. Mr. Stefano often acts on deals that involve financing or credit support provided by export credit, multi-lateral, or other government agencies. He also has significant experience working on leveraged, asset-based and receivable financings, as well as hybrid debt and equity/joint venture transactions and other special opportunities transactions. Mr. Stefano has negotiated, documented and closed a variety of bespoke or "first-of-its-kind" deal structures and his diverse client base has provided him with an invaluable 360-degree perspective on transactional issues.