Aroosak Sponsor, with manager Cloud Capital Advisors, is committing the fee-simple interest of a single hyperscale data center in Ashburn, Virginia, to $520 million in commercial mortgage-backed securities (CMBS).
The deal, Lohrasp Enterprise II, Secured Data Center Revenue Term Notes, 2026-1, issues limited recourse obligation notes through a master trust structure. The notes are backed by a mortgage creating a first-priority mortgage on the interest in the data center, according to analysts at Morningstar DBRS and S&P Global Ratings.
Lohrasp Enterprise, 2026-1, will issue one class of notes, the A-2-I, which gets AAA ratings from both rating agencies. Fitch says the notes have a rated final maturity of July 2056.
Guggenheim Securities is the sole structuring advisor and sole active bookrunner, on the deal, and the proceeds will be used to refinance the loan on the data center. Trimont is the servicer, and Wilmington Trust is on the deal as the indenture trustee.
Fitch says the property's stressed net cash flow is $57.2 million, which is 11.2% lower than the closing date net operating income (NOI) if $64.5 million.
Lohrasp Enterprise 2026-1 includes an anticipated repayment date (ARD), and when they pass it, the deal will hyper-amortize from all excess cash flow, Fitch said.
The rating agency added that the issued notes equate to a total senior debt level of $6,500 per kilowatt (kW) of the property's leased capacity. Also, Fitch's stress tests result in a debt service coverage ratio (DSCR) of 1.22x, modest leverage, with a loan-to-value (LTV) ratio of 72.7%, and debt yield of 11.0%, the rating agency said.
The data center is fully leased and is completely occupied by a single hyperscale tenant, which has an AA-' rating, under a long-term lease agreement. The tenant, DBRS says, has a 15-year triple-net lease with initial lease maturity of February 2040, annual rent escalations of 2.5%, and one 10-year extension option.
