Eagle Point commits $1.3 billion mezzanine to Anthropic data center

Eagle Point Credit Management has committed roughly $1.3 billion in mezzanine debt to a Texas data center that Anthropic will anchor, Financial Advisor Magazine reports. The loan sits inside a $16 billion project-finance package that Morgan Stanley and other banks are leading for developer Nexus Data Centers, Bloomberg previously reported. The money will complete a 2,900-acre campus in Hubbard, about 70 miles south of Dallas, with its own gas-fired power plant. Anthropic is the primary tenant, and Eagle Point is the single largest investor in the mezzanine layer, which is structured below the safest parts of the overall financing. The mezzanine portion recently closed, according to a statement seen by Bloomberg.

Eagle Point, based in Greenwich, Connecticut, was founded in 2012 by Thomas Majewski and Stone Point Capital. The firm runs about $14 billion in assets, a scale that makes its leading role notable at a time when Wall Street's largest asset managers have commanded much of the jumbo private-financing market. The firm began working on a Nexus loan last September as roughly $150 million of senior secured debt backed by land the developer had acquired; over the following months the package grew repeatedly, according to a person familiar with the project.

Hubbard is Nexus's first development, and the campus will rank among the largest of dozens of AI data-center projects developers are racing online. For allocators watching private credit, the deal shows a middle-market manager taking the largest mezzanine position in a bank-led $16 billion financing. The growth of the ticket suggests AI infrastructure is pulling lenders of all sizes into a category of deal that Wall Street's largest asset managers have commanded much of.