Recent Data Center Case Studies
USDA B&I Feasibility Study Case Study: Rural Edge Colocation Facility on the US Highway 287 Corridor in Dumas, Texas
- Type
- Model study
- Program
- USDA Rural Development Business and Industry guaranteed loan
- Location
- Dumas, Texas
- Determination
- Not feasible as proposed
A 6.63-acre listed commercial lot on US Highway 287 in Dumas, Moore County, Texas, asking $350,000, proposed for a 2.0 MW carrier-neutral edge colocation facility and resized in this study to a 500 kW phase one, because a 2.0 MW build at the 2026 greenfield benchmark of $17.6 million per MW cannot be funded inside the $25 million USDA Business and Industry debt cap.
SBA 504 Feasibility Study Case Study: Owner-Operated Edge Data Center in an Existing Flex Building at 10051 W Emerald Street, Boise, Idaho
- Type
- Model study
- Program
- SBA 504 (CDC debenture plus third-party first lien) with a 7(a) companion for short-lived assets
- Location
- Boise, Idaho
- Determination
- Not approvable as proposed; feasible as restructured on global credit with conditions
A 13,140-square-foot flex building built in 2005 at 10051 W Emerald Street in Boise, listed at $2,700,000, converted by a hypothetical established managed services provider into a 600 kW edge data center that houses the provider's own 200 kW of racks and sells up to 400 kW of retail colocation.
Hyperscale Campus Feasibility Study Case Study: Land and Power Feasibility of a 240 MW Campus at Marysville South, Union County, Ohio
- Type
- Model study
- Program
- 240 MW critical IT in three 80 MW halls
- Location
- Marysville, Ohio
- Determination
- Not feasible as a single-phase financing; feasible as three conditioned phases
A 200-acre portion of the publicly documented Marysville South site in Union County, Ohio, about 600 acres rezoned to a Planned Unit Development permitting data centers in August 2024, granted a 15-year, 100 percent Community Reinvestment Area abatement under Ordinance U, and sold for about $205 million in January 2026, proposed as a 240 MW critical IT hyperscale campus leased to one investment-grade tenant on a triple-net basis.
AI and HPC Conversion Feasibility Study Case Study: Conversion of the Garden City, Texas Bitcoin Mining Site to a 100 MW Liquid-Cooled Data Center Leased to a GPU Cloud Tenant
- Type
- Model study
- Program
- 100 MW critical IT
- Location
- Garden City, Texas
- Determination
- Not feasible as proposed; feasible and recommended as restructured
A 200 MW nameplate, 132 MW energized bitcoin mining campus on about 50 leasehold acres at 12022 Ranch Road 33, Garden City, Glasscock County, Texas, sold by Applied Digital to MARA for $87,328,675 under a purchase agreement dated 14 March 2024 and carried on the Glasscock CAD 2024 roll at $39,280,000, modeled as acquired by a hypothetical sponsor at $110.0 million and converted to a 100 MW liquid-cooled AI and HPC data center leased to a non-investment-grade GPU cloud tenant at $140 per kW per month on a 10-year modified gross lease with half the rent backstopped by an investment-grade technology counterparty.
