The DATA 2026-800D Mortgage Trust is expected to come to market with a $375 million CMBS deal. According to Fitch Ratings, this single-borrower transaction is secured by the fee simple interest in a newly redeveloped hyperscale data center in Elk Grove Village, Illinois.
The transaction is secured by a first-lien, fixed-rate mortgage with a targeted five-year repayment period and a final maturity in September 2036. The 174,000-square-foot facility offers 30 megawatts of capacity and is backed by TechCore and GI Partners ETS Fund.
Fitch and Morningstar DBRS are rating the deal.
Fitch Ratings projects stressed net cash flow (NCF) for the portfolio at $41.6 million, down 26.9% from the issuer's projected NCF of $56.8 million. The agency used an 8.5% cap rate to arrive at a Fitch value of $488.9 million.
Barclays Capital Real Estate and
The loan will be interest-only through the expected repayment date. After that, all excess cash flow will be utilized to hyper-amortize the loan during the remaining tail period. The certificates will follow a sequential-pay structure, and Fitch says the transaction is scheduled to close on September 24, 2026.
GI Partners and the California Public Employees' Retirement System formed sponsor TechCore. The loan proceeds, together with about $356 million in sponsor equity, will fund the property's purchase for about $730 million and cover an estimated $100 million in closing costs.
DBRS Morningstar notes that the property is a newly redeveloped, high-quality data center purpose-built for the tenant. The property totals roughly 174,000 square feet, with 88,914 square feet of data hall floor space distributed across three data halls. The tenant has taken possession of all three data halls. Power is distributed across 18 separate 3-megawatt lineups, each giving roughly 2 megawatts of IT load capacity.
Another positive factor DBRS Morningstar notes is the property's location in the heart of Elk Grove Village. This area is Chicago's most prominent data center submarket because of its connectivity to major fiber lines and its nearness to the city.
However, Morningstar DBRS notes a drawback: the deal's single-tenant exposure. The collateral is fully leased to a leading global hyperscale tenant with an investment-grade credit profile. Although this single-tenant cash flow profile poses a concentration risk, Morningstar DBRS believes the tenant's strong credit, lengthy remaining lease term and significant economic disincentives to early termination reduce the risk.
Fitch Ratings assigns AAAsf to the Class A notes and AAsf to the Class B notes. The VRR interest is not rated.
Morningstar assigns preliminary AAA (sf) to the Class A notes and AA high (sf) to the Class B notes. Class R is unrated.
