Key Highlights
- Connecticut-based Eagle Point Credit Management extends $1.3 billion mezzanine loan for Anthropic-related AI data center in Hubbard, Texas
- Financing represents a segment of Nexus Data Centers’ comprehensive $16 billion project funding arrangement
- Development encompasses a sprawling 2,900-acre site located approximately 70 miles south of Dallas
- Google’s senior debt guarantee significantly streamlined the financing process
- Morgan Stanley coordinates the broader multi-billion dollar financing consortium
Eagle Point Credit Management has committed $1.3 billion in private credit financing for a cutting-edge AI data center facility located in Hubbard, Texas. Nexus Data Centers is spearheading the development, with Anthropic designated as the anchor tenant.
This substantial loan forms a critical component of a sprawling $16 billion financing arrangement. Nexus intends to deploy these resources to finalize construction on the expansive 2,900-acre complex, which will feature an integrated gas-powered electricity generation plant.
Eagle Point holds the position as the largest single contributor to this financing round. The capital is organized as mezzanine-level debt, positioned subordinate to the more secure senior tranches within the comprehensive capital stack.
Headquartered in Greenwich, Connecticut, the investment firm was established in 2012 through a collaboration between Thomas Majewski and Stone Point Capital. The organization currently oversees approximately $14 billion in total assets under management.
Eagle Point initiated preliminary discussions regarding Nexus financing in September 2025. Initially, the firm evaluated approximately $150 million in senior secured debt backed by property assets Nexus had purchased in Hubbard.
Financing Evolution
Throughout subsequent months, both the scale and complexity of the financing expanded multiple times. The mezzanine segment successfully reached financial close recently, based on documentation reviewed by Bloomberg.
Two pivotal developments accelerated the transaction’s completion. Anthropic emerged victorious in a competitive selection process to secure primary tenant status, while Google provided a guarantee covering the senior debt obligations.
Google has provided debt payment guarantees for multiple data center facilities nationwide. Such guarantees typically enhance investor confidence for substantial capital commitments, though they simultaneously create concentrated exposure to a single credit counterparty.
Morgan Stanley serves as the lead coordinator for the bank-syndicated portion of the financing. In August, industry sources revealed that a banking consortium was positioning to distribute approximately $15 billion in debt obligations connected to this Google-supported facility.
Future Developments
The Hubbard facility represents Nexus’s inaugural development undertaking. Upon completion, it will rank among the nation’s most substantial data center complexes constructed to accommodate surging demand from artificial intelligence enterprises.
Data center operators commonly refinance construction-phase debt by accessing capital markets after project completion. One potential pathway involves Nexus pursuing high-yield bond issuance later in the current year to restructure the bank-originated financing component.
Such a refinancing strategy would necessitate Nexus securing a formal credit rating from recognized agencies. No official schedule has been publicly disclosed.
Anthropic’s annualized revenue has surpassed $65 billion as speculation mounts regarding a forthcoming initial public offering. Company representatives did not provide responses to inquiries submitted outside standard operating hours.
A spokesperson for Nexus similarly declined to offer commentary. Eagle Point has limited public statements to acknowledging the transaction’s completion.
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