Eagle Point Credit Management LLC has led a new holding-company loan for Nexus Data Centers’ sprawling Hubbard, Texas, campus — the AI data center project being built for anchor tenant Anthropic — pushing the development past a key milestone known as Final Investment Decision, the companies announced August 19. Bloomberg, citing people familiar with the matter, reported the loan at roughly $1.3 billion; neither Eagle Point nor Nexus disclosed a dollar figure in their joint statement.
The financing is the fourth transaction between Eagle Point and Nexus, according to the release, and marks the private credit firm’s first turn as lead investor in a HoldCo — or holding-company-level — loan for the project. Jennifer Powers, principal and head of infrastructure credit at Eagle Point, said the firm was “proud to have played a leading role in the capital structure that enabled Nexus to reach FID in less than a year.” Nexus CEO Ivan Van der Walt credited Eagle Point’s “nimble investment team and deep industry knowledge” for helping the developer “complete our capital structure at a critical moment.”
Nexus is building a roughly 2,900-acre campus in Hubbard, a small city in Hill County about midway between Dallas and Waco, designed to pair on-site gas-fired power generation with hyperscale data halls. The first phase, budgeted at more than $5 billion, is targeted to deliver approximately 500 megawatts of capacity, with the broader campus envisioned to scale toward 7.7 gigawatts over multiple buildings. Anthropic, the AI lab, is the project’s primary tenant under a lease structure for the completed facilities — it is not an investor or equity holder in Nexus or the HoldCo entity, based on reporting to date.
The HoldCo loan sits alongside a much larger financing effort already underway at the same campus. RealtyWire previously reported on August 5 that banks led by Morgan Stanley were lining up roughly $15 billion in debt — a roughly $14 billion bridge loan plus a revolving credit facility — to fund construction, with Google backstopping Anthropic’s lease and power obligations in exchange for an equity stake reported near 20%. That bank syndicate has reportedly planned to sell down or syndicate the debt through bond sales once loans are drawn. Trade reporting has since pegged Nexus’s total project-finance package, combining the bank bridge facility and the Eagle Point-led credit lines, at roughly $16 billion.
Eagle Point manages about $14 billion for institutional and retail investors and has built out an infrastructure-credit strategy that the firm describes as emphasizing “downside protection” alongside project-level yield — a niche that has grown rapidly as AI developers seek capital outside traditional bank construction loans. Nexus, backed by an equity investment from Transition Equity Partners disclosed in December, says its leadership team has a combined track record of more than $155 billion in greenfield infrastructure projects. The structure echoes other AI-tenant-backed data center debt deals RealtyWire has tracked this month, including Riot Platforms’ $9.1 billion, 20-year lease with an unnamed frontier AI lab at a former Alcoa smelter site in Rockdale, Texas.
What it means: The Hubbard campus illustrates how AI-driven data center construction is now financed in layers rather than through a single loan. A hyperscale project of this size is increasingly stitched together from bank bridge debt, holding-company private credit, and eventual bond or leveraged-loan refinancing — each tranche priced and structured differently, and each reliant on the credit strength of the ultimate tenant rather than the developer itself. For commercial real estate lenders and investors, that structure widens the pool of capital chasing data center construction but also layers execution risk: a HoldCo loan reaching Final Investment Decision does not guarantee the larger bank facility closes on the terms currently being marketed. For land, power and labor markets in rural Texas, campuses of this scale — competing for grid capacity, water rights and construction crews — add another data point to RealtyWire’s ongoing coverage of AI infrastructure crowding out or reshaping housing and industrial land use in fast-growing corridors between Dallas-Fort Worth and Central Texas. Terms of the Eagle Point HoldCo loan itself, including interest rate and maturity, were not disclosed.
