August 08, 2018

Drinker Biddle Represents M&T Bank in $214 Million Construction Loan

A team led by Drinker Biddle partner Jerald Goodman and counsel Kelley Johnson, with associates Reuben Asia and Jonathan August, represented M&T Bank in a $214 million construction loan transaction. The borrower was Sentinel Data Centers, which plans to build a two-building data center in Ashburn, Virginia, comprising 238,000 square feet on a nearly 24-acre site.

The data center, located in Loudoun County, is being constructed for a global tech company pursuant to a build to suit lease. According to the county’s website, “More than 70 percent of the world’s internet traffic passes through Loudoun’s digital infrastructure, making us a key player in the World’s technology economy.”

Speaking to Law360, Jerald noted that the developer now plans to build both buildings at the same time, thanks to the procurement of the construction loan, which closed July 24. Original plans had called for the project to proceed in two phases.

Read"Virginia Data Center Project Lands $214M Loan” in Law360.

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