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**QTS Nears Closing on $600M Refi for Phoenix Data Center**
QTS Realty Trust is close to securing nearly $600 million in asset-backed securities (ABS) financing for its PHX2DC2 data center project in Phoenix. The high-capacity facility, located near Sky Harbor Airport, is designed to support a total capacity of 210 megawatts.
According to reports, Deutsche Bank is arranging the financing, which will be issued by Wilmington Trust. KeyBank will serve as the servicer for the transaction. The financing package is expected to close by the end of the month, featuring a five-year anticipated repayment date and a 30-year maturity term.
The new financing will be used, in part, to retire existing debt tied to PHX2DC2, including a previous $625 million loan provided by Wilmington Trust.
The state-of-the-art data center currently delivers nearly 36 megawatts of operational capacity. It is fully leased to a single hyperscale tenant through a staggered-maturity lease structure across four phases. Each phase is governed by triple-net lease terms.
PHX2 is QTS Realty Trust’s second data center project in the Phoenix metropolitan area, highlighting the firm’s continued expansion in key digital infrastructure markets.
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