Serverfarm Hikes Data Center Credit Line to $3.895B, Chases Power

Serverfarm closed an $895 million increase to its North American data center credit facility, pushing total commitments to $3.895 billion, the Manulife Investment Management-backed developer said in a September 15 release. That is up nearly 30 percent in nine months from the $3.0 billion facility Serverfarm closed in December 2025. TD Securities remains administrative agent for a syndicate that now counts 22 banks and one institutional lender.

Why it matters

Power, not land or zoning, is what gates a data center site, and interconnection queues in the hottest markets now run two to four years. A developer with committed debt and a live power position can move before a competitor still shopping for one. Serverfarm ties the new money to three campuses: continued buildout across three buildings in Houston’s energy corridor (HTX1, CTX1 and CTX2), a new greenfield push into Clarksville, Arkansas, and a retrofit of an existing Atlanta-area facility (ATL2) rather than a ground-up build there. Choosing a retrofit over new construction in Atlanta is itself a signal that a powered shell beats raw land on time to market. For developers chasing sites in Houston’s energy corridor or comparable power-rich submarkets, expect land and powered-shell pricing to keep climbing as financed platforms like Serverfarm keep outbidding smaller players for anything that already carries an interconnection position. See our data center site selection guide for how those queues work.

The numbers

Serverfarm’s December 2025 release, which set the $3.0 billion baseline, disclosed 500-megawatt-plus of potential capacity across 250 acres at the Houston campus alone, plus a 498,960-square-foot, 60-megawatt expansion in Covington, Georgia, and a smaller 4-megawatt add in Toronto. The September release does not repeat megawatt figures for the newly funded Clarksville or Atlanta retrofit work, and it does not use the words “committed” or “accordion” to describe the new $895 million, though Serverfarm’s own language calls it a closed increase that brought total commitments to $3.895 billion. CEO Avner Papouchado said the facility “strengthens the capital foundation behind our development pipeline across North America.”

What’s next

Toronto, part of the original facility’s funded list, is absent from September’s three-campus rundown, and Serverfarm has not said whether that expansion is complete, paused or funded elsewhere. Watch whether Serverfarm discloses megawatt figures for Clarksville and the Atlanta retrofit as those projects advance, and whether other lenders follow Manulife’s syndicate into financing land in a secondary power market like Arkansas before hyperscalers have signed leases there.