Reviewed by Craig Hoebing, AZ Commercial Mortgage Banker CMB-1047342 · Updated October 2026
Colocation, a powered shell built for a single hyperscale tenant, and an enterprise suite inside a larger building are three different credits. They can share a city and still not share a loan program. The Phoenix page is the city overview. Industrial is the warehouse and flex conversation. This page is only the data-center brief, because the underwriting questions are not the ones on a distribution building.
We do not publish a megawatt total, a vacancy rate, or a list of campuses. Those figures go stale and they are not a loan. If a public utility or planning record is relevant to a specific address, it belongs in that file, sourced, not on a marketing page as atmosphere.
The desk is in Scottsdale, Arizona CMB-1047342, NMLS 1445066. There is no claim of a data-center specialty license, and no claim that a particular campus has closed here.
Power and the lease are the collateral
Lenders ask who pays for power, how long the remaining contract runs, and what happens if the utility cannot deliver the megawatts the lease assumes. A building with raised floor and generators is not financeable as a data center if the power agreement is month-to-month. It may still be financeable as industrial flex. Those are different proceeds.
A single-tenant powered shell lives or dies on that tenant's credit and the remaining term, including renewals a lender will actually count. A colocation facility lives on a stack of smaller licenses, the history of churn, and whether the operator can re-lease a suite. An enterprise room inside an office building is often just office, underwritten on the office page, unless the power and the lease say otherwise.
Sale-leasebacks of data centers raise the same question as any other sale-leaseback: is the rent a financing in disguise, and will the tenant's credit carry the term? We do not quote a cap rate for that structure.
Which senior loan tends to fit
A stabilized, credit-leased facility can be a life company or CMBS conversation if the remaining term and the power documents satisfy that box. A bank may hold a smaller or more relationship-driven loan, including some owner-occupied technology buildings. A project that is still installing capacity, or that is leased only in part, is usually bridge until the rent roll matches the story.
Agency multifamily programs do not finance data centers. HUD healthcare programs do not either. Calling a server hall an industrial agency loan would be false. Fannie Mae and Freddie Mac are not the path, and Capital Market Funds is not a DUS lender on the apartments it does arrange.
Mezzanine or preferred equity, if the senior loan stops short, is the Arizona mezzanine page. It is arranged through capital partners. It is not a way to skip the power question.
What the first package should include
The address, the utility or power contract, the rent roll or the single lease, and a simple sources-and-uses if the request is a purchase or a conversion. Photos of a generator yard do not replace the interconnection status. Environmental and insurance questions follow; the insurance requirements note is the general version, not a data-center policy form.
Sponsors comparing a refinance of a leased facility with a construction or expansion plan should say which one it is. This site does not offer a land-development loan, and a ground-up campus is a different approval than a mortgage on a building that already has power and a tenant.
Structural differences among senior sources, without interest rates, are on the lender-type comparison. The calculator will run DSCR and LTV on NOI and a rate you type. It will not underwrite a power contract.
Data-center financing questions
- Do you publish Phoenix data-center vacancy or power-capacity figures?
- No. Those statistics are not a loan, and this page does not cite an unsourced megawatt total. The file uses the power contract and the lease for the address in front of us.
- Is a data center an agency or HUD loan?
- No. Agency executions we arrange are multifamily. HUD programs on this site are multifamily, seniors, and healthcare. A data center is life company, CMBS, bank, or bridge when one of those fits.
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