Loan Demonstrates CIM Group’s Expertise in Structuring Bespoke Credit Solutions for Clients and Companies at the Nexus of Infrastructure and Real Estate
LOS ANGELES--(BUSINESS WIRE)--Jun. 10, 2024--
CIM Group announced today that it closed on an initial $125 million loan commitment with a potential increase up to $200 million to Applied Digital (NASDAQ: APLD). The loan will fund construction of Applied Digital’s High-Performance Computing (HPC) Campus in Ellendale, North Dakota. The data center is designed to provide massive computing power and support HPC applications.
Applied Digital is a designer, builder, and operator of next-generation digital infrastructure designed for HPC applications. In October 2023, the company began construction on the first building, a 100 MW, 342,000-square-foot data center at its HPC campus in Ellendale, ND. Additionally, Applied Digital has entered into exclusivity and executed an LOI with a U.S.-based hyperscaler for a 400 MW capacity lease at this campus. The campus has more than 600 MW of future capacity.
“As a long-term investor in digital infrastructure, CIM Group appreciates and supports the great strides Applied Digital is making with its diversification into next generation digital infrastructure designed to serve global technology companies,” said Avi Shemesh, Co-Founder and Principal, CIM Group.
“We are excited to partner with CIM Group to fulfill Applied Digital’s vision for the Ellendale campus,” said Wes Cummins, Applied Digital’s CEO. “CIM’s financing facility will be instrumental in solidifying Applied Digital’s position as a leading HPC data center owner and operator.”
Through its CIM Real Estate Debt Solutions business, CIM Group applies its broad experience as an owner, operator, and developer of high-quality commercial real estate to its lending strategy and believes this helps differentiate the company from many other debt providers. Through mortgage and mezzanine loans, affiliates of CIM Group provide bridge and construction financing to owners and developers of commercial real estate in major markets across the United States and works with borrowers to offer an array of lending solutions.
For 30 years, CIM Group has utilized its broad expertise to own, develop, reposition, and operate real assets, transforming communities and creating dynamic environments throughout the Americas.
About CIM Group
CIM is a leading investment firm and alternative asset manager. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets to deliver excellence to our clients, stakeholders, and the communities we serve. For more information, visit www.cimgroup.com.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20240610030476/en/
Media Contact
Karen Diehl
Diehl Communications
310-741-9097
karen@diehlcommunications.com
Source: CIM Group
