OREANDA-NEWS. CIT Group Inc. (NYSE: CIT), a leading provider of commercial lending and leasing services, today announced that CIT Communications & Technology Finance served as Sole Lead Arranger and Sole Lead Bookrunner for a senior secured credit facility to ICONIQ Capital, LLC, a global multi-family office and merchant bank. The financing supported ICONIQ’s equity recapitalization of T5@Dallas and T5@Portland, two purpose-built, enterprise-grade data centers located in Plano (Dallas), Texas, and Hillsboro (Portland), Oregon. The centers were developed by T5, which owns and manages one of the largest privately held data center portfolios in the United States. The properties will remain under the T5 brand as part of the Company’s portfolio of nine data centers across a nationwide footprint, and T5 will continue to hold a meaningful ownership stake in the properties.

Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed. CIT Treasury Management is also providing cash management services to the legal entities that have control of T5@Dallas and T5@Portland following the recapitalization.

CIT previously served as Lead Arranger for a $55.5 million financing for the construction of T5@Portland and a $68.5 million financing for the construction of T5@Kings Mountain in North Carolina.

Tom Westdyk, Group Head and Managing Director, CIT Communications & Technology Finance, said, “We are excited to build upon our relationship with T5 by leading this transaction, and to begin a new relationship with ICONIQ Capital. The financial solutions we provided demonstrate the depth and breadth of the industry expertise, capital markets capabilities and cash management products that CIT delivers to its clients.”

Joe Junda, Managing Director, CIT Communications & Technology Finance, said, “The T5 assets involved in the transaction are highly regarded, purpose-built facilities with high-capacity power in attractive locations. Both facilities have quality tenants. We’ve had the pleasure of working with the T5 management team the past few years and are very supportive of this transaction. T5 has established a strong reputation for developing, constructing and managing data center facilities, as well as attracting high-profile customers and accommodating their evolving requirements.”


About CIT

Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across a wide variety of industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. 

About T5 Data Centers

T5 Data Centers (T5) is a leading national data center owner and operator, committed to delivering customizable, scalable data centers that provide an “always on” computing environment to power mission critical business applications. T5 Data Centers provides enterprise colocation data center services to organizations across North America using proven, best-in-class technology and techniques to design and develop facilities that deliver the lowest possible total cost of operations for its clients. T5 currently has business-critical data center facilities in Atlanta, Los Angeles, Dallas, Portland, Charlotte, and Chicago with new projects announced in New York, and Colorado.