Compass Datacenters, a Dallas-based data center company founded in 2011, has secured a $25 million credit commitment from CIT Group, a provider of commercial lending and leasing services. This latest commitment brings the total credit facility for Compass Datacenters to $135 million.
CIT joins Compass’ other financial partners that have supported the company’s growth across the United States, including KeyBank, Regions Bank and Raymond James. Compass will use this credit facility to fulfill customer orders for data center facilities and expand Compass’ operations into additional metro areas with burgeoning demand for dedicated data centers.
“These funds will be utilized to support the vision that we have to provide our dedicated data centers anywhere our clients need them,” said Chris Crosby, CEO of Compass Datacenters. “I envision 2015 to be a year in which we scale the business not only in terms of new customers, but also as it relates to the people, processes and systems behind our unique approach to building and operating world-class data centers. This commitment supports that vision.”
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries.
“Compass’ built-to-suit product seeks to address the major risks faced by data center investors, such as large capital outlays and lease-up risks, by securing long term leases and building Tier III certified scalable data centers that can be built efficiently anywhere in the U.S.,” said Joe Junda, Managing Director, CIT Corporate Finance, Communications, Information Services & Technology Financing. “Compass Datacenters has an excellent management team, led by Chris Crosby, which has deep experience in data center development and construction. Participation in this transaction further supports CIT’s commitment in the data center sector and we look forward to growing this relationship with Compass.”