Quick Summary
- Eagle Point Credit Management has closed a $1.3 billion private credit facility for an AI-focused data center in Texas connected to Anthropic
- This financing represents a portion of a comprehensive $16 billion funding arrangement for developer Nexus Data Centers
- The development site spans 2,900 acres in Hubbard, Texas, approximately 70 miles south of Dallas
- Google has provided a guarantee on senior debt tranches, streamlining the financing process
- Morgan Stanley serves as lead arranger for the comprehensive financing structure alongside partner institutions
Eagle Point Credit Management has committed $1.3 billion in private credit financing for a data center project in Hubbard, Texas, designed to support artificial intelligence operations. Nexus Data Centers is developing the facility, with Anthropic serving as the anchor tenant.
This substantial loan forms one component of a comprehensive $16 billion project-finance arrangement. Nexus intends to deploy these resources to finalize construction of a sprawling 2,900-acre development that will feature a dedicated gas-fired power generation facility.
Eagle Point represents the largest single participant in this lending arrangement. The financing is categorized as mezzanine debt, positioned subordinate to the more secure senior tranches within the capital structure.
Headquartered in Greenwich, Connecticut, Eagle Point was established in 2012 through a partnership between Thomas Majewski and Stone Point Capital. The firm currently oversees approximately $14 billion in total assets under management.
Eagle Point initially engaged with Nexus regarding potential financing in September 2025. During those early discussions, the firm contemplated approximately $150 million in senior secured credit backed by property that Nexus had purchased in Hubbard.
Evolution of the Financing Structure
Throughout subsequent months, both the magnitude and composition of the financing expanded on multiple occasions. The mezzanine component of the transaction reached financial close recently, based on documentation reviewed by Bloomberg.
Two pivotal developments simplified the deal assembly process. Anthropic emerged victorious in a competitive selection to become the principal tenant, while Google committed to guaranteeing the senior debt obligations.
Google has provided similar debt payment backstops for multiple data center facilities throughout the United States. Such guarantees typically enhance investor confidence when deploying significant capital, although they simultaneously create concentration in financial exposure.
Morgan Stanley holds the lead arranger position for the broader bank-syndicated financing package. Earlier during August, market intelligence suggested a banking consortium was positioning to distribute approximately $15 billion in debt instruments associated with this same Google-supported project.
Future Outlook
The Hubbard development represents Nexus’s inaugural project undertaking. Upon completion, it will rank among the most expansive data center campuses under construction nationwide to satisfy escalating requirements from artificial intelligence enterprises.
Data center developers conventionally retire construction-phase debt by accessing capital markets with new debt offerings following project completion. One probable scenario involves Nexus pursuing high-yield bond issuance later within the current year to refinance portions of the bank-led facility.
Such a refinancing approach would necessitate Nexus securing an official credit rating from recognized agencies. No specific schedule has been publicly disclosed to date.
Anthropic’s annualized revenue has surpassed $65 billion as the company approaches a prospective initial public offering. Company representatives did not provide responses to comment requests submitted outside standard business hours.
A spokesperson for Nexus similarly declined to provide additional information. Eagle Point has refrained from issuing public commentary beyond acknowledging the transaction’s completion.
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