(Bloomberg) — Eagle Point Credit Management LLC is providing a roughly $1.3 billion private credit loan for a sprawling AI data center in Texas tied to Anthropic PBC, giving the investment firm a key role in one of the latest jumbo financings fueling the artificial intelligence boom.
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The debt is part of a larger $16 billion project-finance package for developer Nexus Data Centers, which will use the funds to complete construction of a 2,900-acre facility in Hubbard, a city in the Lone Star State, according to a person familiar with the project. The campus will have its own gas-fired power plant, and Anthropic will be the primary tenant, the person added.
Eagle Point is the single largest investor in the loan, which is structured as mezzanine debt and sits below the safest parts of the overall financing, said the person, who wasn’t authorized to speak publicly about the private transaction.
Banks including Morgan Stanley are leading the larger financing package, Bloomberg previously reported. The mezzanine portion of the deal recently closed, according to a statement seen by Bloomberg News.
A representative for Nexus declined to comment. A spokesperson for Anthropic didn’t respond to requests for comment outside of normal business hours.
The Hubbard campus, about 70 miles south of Dallas, is the first that Nexus has sought to develop. It will be among the largest of dozens of data center campuses that developers across the country are racing to bring online to meet surging demand from technology companies training artificial intelligence models and offering them to customers.
Eagle Point, based in Greenwich, Connecticut, was founded by Thomas Majewski and Stone Point Capital in 2012. The firm has about $14 billion in assets under management, making its leading role notable at a time when Wall Street’s largest asset managers have commanded much of the jumbo-sized private financing market.
Eagle Point began working on a loan for Nexus around September of last year, initially envisioning roughly $150 million of senior secured financing backed by land Nexus had acquired in Hubbard, the person said. Over the following months, Eagle Point and Nexus increased the financing multiple times to reach its current size and structure, the person added.
