Synthetic example: every name, party and figure in this record is fictional.
Mesa Gateway Data Center — Mesa, AZ
Deal ID: uw_2026_dc7q4m1 | Scenario: Stabilized Acquisition | Status: In Progress
10.0 MW Commissioned / 12.5 MW Planned | 11.0 MW Contracted | PUE 1.25 | $160,000,000 Purchase | $16,000/kW | 7.00% Cap Rate (in-place)
This is the standard's builtin data-center example (RFC 0080). Its three dc_* sections state capacity in kilowatts, PUE, redundancy, power billing, and rent per kW-month alongside the standard real-estate inputs.
The record carries two documented review conditions: 1,000 kW of phase 2 is pre-leased ahead of commissioning (CC-DC-04), and the in-place rent runs 20% under the comp set, a 25% mark-to-market (CC-DC-07). Both appear as warnings in the stored validation result and runtime output.
Deal Context
Mesa Gateway is a 10 MW (critical IT) wholesale data center in the Elliot Road corridor, 100% contracted to two tenants on power-metered leases, with a permitted 2.5 MW phase 2 already pre-leased to the anchor. Thesis: acquire a modern N+1 facility with a secured 15 MW utility feed at $16,000/kW — well below the cost of new powered capacity in a market where the utility queue, not land, is the constraint.
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},
"_notes": "Utility feed is 15 MW under an executed Arroyo Power capacity agreement, which covers the 12.5 MW build-out at design PUE. Phase 2 (2.5 MW) is permitted; 1 MW of it is pre-leased to the anchor with rent commencing on delivery.",
"deal_summary": "10 MW commissioned wholesale data center in Mesa, 100% contracted to two tenants under metered pass-through power, with a permitted 2.5 MW phase 2 of which 1 MW is pre-leased.",
"investment_thesis": "Secured utility capacity is the scarce asset in the East Valley. Buying commissioned, contracted megawatts at $16,000/kW, with an expansion phase already permitted and partly pre-leased, captures the utility-queue premium without development risk.",
"value_creation_strategy": "Deliver phase 2 into the pre-lease, mark the anchor's 2029 renewal to a market that is 25% above the in-place rate, and hold the interconnection and services lines as they scale with density.",
"hold_strategy": "core_plus_hold",
"exit_strategy_description": "Sell into the institutional bid for stabilized wholesale capacity at year 5-7, or refinance once phase 2 is delivered and the anchor renews at market.",
"deal_goal": "13-14% levered IRR with contracted cash flow and a permitted expansion."
}Property
rentable_square_feet explicitly states rentable building area as a secondary size; it does not state the building footprint or infer area from power. White space (raised_floor_sf) is separately stated in the capacity section. Commissioned critical IT kW remains the primary size for this data center. No area measurement standard is asserted here.
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},
"rentable_square_feet": 180000,
"year_built": 2021,
"building_class": "A",
"stories": 1,
"site_acres": 22.4,
"parking_spaces": 120,
"parking_type": "surface",
"condition": "excellent",
"occupancy_pct": 1,
"submarket": "Elliot Road corridor / East Valley",
"critical_it_load_kw": 10000,
"_notes": " Primary size is an identity of the stated dc_capacity.critical_it_load_kw field."
}Rent Roll
Two in-place tenants on wholesale leases, rent quoted per kW-month and carried here as annual base rent over the white space each occupies. The 1,000 kW phase-2 pre-lease is not in the roll — rent commences on delivery — and appears only in dc_capacity.contracted_it_load_kw.
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},
"_notes": "Both leases are metered pass-through on power. Anchor rolls 2029-12-31; in-place at $150/kW-mo vs ~$187.50 market. Phase-2 pre-lease (1,000 kW, $150/kW-mo) commences on delivery, targeted 2027-07-01.",
"as_of_date": "2026-08-01",
"total_rentable_sf": 60000,
"occupied_sf": 60000,
"vacant_sf": 0,
"occupancy_pct": 1,
"weighted_avg_rent_psf": 300,
"tenants": [
{
"tenant_id": "T-A",
"tenant_name": "Helios Cloud Services",
"suite": "Hall 1-2",
"leased_sf": 36000,
"annual_base_rent": 10800000,
"rent_psf": 300,
"lease_start": "2022-01-01",
"lease_expiration": "2029-12-31",
"lease_type": "NNN",
"tenant_credit": "investment_grade",
"anchor_tenant": true
},
{
"tenant_id": "T-B",
"tenant_name": "Meridian Colo Partners",
"suite": "Hall 3",
"leased_sf": 24000,
"annual_base_rent": 7200000,
"rent_psf": 300,
"lease_start": "2023-04-01",
"lease_expiration": "2033-03-31",
"lease_type": "NNN",
"tenant_credit": "non_investment_grade",
"anchor_tenant": false
}
]
}NOI Model
Year-1 underwritten on the 10,000 kW in place. Power is a pass-through: the $8.76M utility bill on the commissioned load at design PUE is recovered under expense_reimbursements and expensed under utilities, so it nets to zero at NOI.
{
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},
"_notes": "Base rent = 10,000 kW x $150 x 12. Reimbursements = 10,000 kW x 1.25 PUE x 8,760 h x $0.08/kWh, matched by utilities expense. Other income = interconnection ($660,000) + remote hands and services ($264,000).",
"income": {
"base_rent": 18000000,
"vacancy_credit_loss": 0,
"expense_reimbursements": 8760000,
"other_income": 924000,
"effective_gross_income": 27684000
},
"expenses": {
"property_taxes": 2400000,
"insurance": 520000,
"cam": 2023480,
"utilities": 8760000,
"repairs_maintenance": 1650000,
"management_fee": 830520,
"general_admin": 300000,
"total_operating_expenses": 16484000
},
"net_operating_income": 11200000,
"noi_per_sf": 62.22
}Operating Statement (T-12)
Trailing-twelve summary reconciled to the NOI model — same revenue, expense and NOI totals, with power billed through at cost on both sides. The line-item detail lives in the source statement.
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"notes": "T-12 summary reconciled to the NOI model; line detail retained in the source statement."
},
"quality": {
"confidence": "medium",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"period": "t12",
"period_end": "2026-06-30",
"statement_basis": "accrual",
"income": {
"total_revenue": 27684000
},
"expenses": {
"total_operating_expenses": 16484000
},
"net_operating_income": 11200000,
"reconciles_to_noi_model": true
}Debt Structure
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},
"_notes": "Fixed-rate permanent debt at 60% LTV, sized inside a 1.58x DSCR / 11.7% debt yield. Lender underwrote the in-place 10 MW only; phase 2 is unencumbered upside.",
"loan_type": "permanent",
"lender_type": "life_co",
"loan_amount": 96000000,
"ltv": 0.6,
"ltc": 0.58,
"interest_rate_type": "fixed",
"all_in_rate_at_close": 0.0625,
"term_months": 120,
"amortization_months": 360,
"amortization": "30yr_amortizing",
"io_months": 0,
"annual_debt_service": 7093062,
"underwritten_noi": 11200000,
"dscr": 1.579,
"debt_yield": 0.1167,
"recourse": "non_recourse_with_carve_outs",
"prepayment": "yield_maintenance"
}Sources & Uses
{
"_meta": {
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},
"sources": {
"loan_amount": 96000000,
"sponsor_equity": 69000000,
"total": 165000000
},
"uses": {
"purchase_price": 160000000,
"closing_costs": 3200000,
"ti_lc_reserve": 1800000,
"total": 165000000
},
"total_sources": 165000000,
"total_uses": 165000000,
"equity_metrics": {
"equity_total": 69000000
},
"_notes": " equity_total equals the single stated sponsor-equity source (identity of stated fields)."
}Valuation
price_per_sf uses the explicitly stated property.rentable_square_feet as a secondary price comparison. The primary pricing denominator remains commissioned critical IT kW, through the builtin price_per_commissioned_kw calculation. No conversion between kW, rentable area and raised-floor area is implied. RFC 0125 binds the SF figure to data-center dictionary verification.
{
"_meta": {
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},
"purchase_price": 160000000,
"appraised_value": 162500000,
"underwritten_value": 160000000,
"going_in_cap_rate": 0.07,
"exit_cap_rate_assumption": 0.0725,
"valuation_method": "income_capitalization",
"price_per_sf": 888.89,
"stabilized_value_estimate": 172000000,
"cap_rate": 0.07,
"ltv": 0.6,
"ltc": 0.581818,
"dscr": 1.579,
"debt_yield": 0.116667,
"cash_on_cash": 0.059521,
"utilization": 1.1,
"commissioned_share": 0.8,
"facility_load_kw": 12500,
"annual_facility_kwh": 82676880,
"annual_power_cost": 0,
"power_cost_per_kw_month": 0,
"annual_rent_revenue": 19800000,
"blended_revenue_per_kw_month": 157,
"mark_to_market": 0.25,
"price_per_commissioned_kw": 16000,
"noi_per_commissioned_kw": 1120,
"price_per_kw": 16000,
"noi_per_kw": 1120,
"loan_per_kw": 9600,
"_notes": " RFC 0080 starter metrics are deterministic outputs of the stated inputs; no default or cascade was used."
}Preliminary Sizing
Loan sizing against the three standard constraints. The governing test is LTV; the proposed loan of $96,000,000 fits inside it.
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},
"sizing_basis": {
"noi_underwritten": 11200000,
"value_basis": 160000000,
"annual_debt_constant": 0.0739
},
"constraints": [
{
"test": "max_ltv",
"limit": 0.75,
"max_loan": 120000000
},
{
"test": "min_dscr",
"limit": 1.25,
"max_loan": 121244925
},
{
"test": "min_debt_yield",
"limit": 0.09,
"max_loan": 124444444
}
],
"max_supportable_loan": 120000000,
"governing_constraint": "ltv",
"proposed_loan": 96000000,
"proposed_within_constraints": true,
"cushion": 24000000
}Borrower / Sponsor
Mesa Gateway Holdings LLC, a single-asset borrower controlled by one sponsor entity. Principals only: sponsor financial statements are requested for the diligence period, so no net-worth or liquidity figure is stated yet.
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"notes": "Principals only; sponsor PFS and liquidity statements requested for the DD period."
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"quality": {
"confidence": "medium",
"human_review_required": true,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
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},
"principals": [
{
"name": "Sonoran Digital Infrastructure Partners LP",
"role": "sponsor",
"ownership_pct": 1,
"is_guarantor": true,
"is_key_man": false,
"pfs_received": false,
"tax_returns_received": false,
"figures_verified": false
}
],
"entity": {
"name": "Mesa Gateway Holdings LLC",
"type": "llc",
"state": "DE"
}
}Market Analysis
East Valley wholesale fundamentals as of 2026-08. Rent is quoted per kW-month; the comp set is carried in dc_revenue.market_rent_per_kw_month.
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"notes": "Broker survey and published capacity reports; refresh before credit committee."
},
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"flags": [],
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},
"lifecycle": {
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},
"market": "Phoenix Metro",
"submarket": "Mesa / East Valley",
"data_as_of": "2026-08-01",
"vacancy": {
"current_rate": 0.03,
"trend": "stable"
},
"rents": {
"yoy_growth_pct": 0.08,
"trend": "rising"
},
"cap_rates": {
"range_low": 0.065,
"range_high": 0.0725,
"subject_going_in": 0.07
},
"supply": {
"note": "Announced capacity is large but utility-gated; delivered megawatts remain scarce through 2028."
}
}Capacity & Topology
Every figure is in kW — capacity is quoted in MW and rent in $/kW-month, and one unit throughout is what prevents a x1000 error. Contracted load (11,000 kW) exceeds commissioned load (10,000 kW) because 1,000 kW of phase 2 is pre-leased; that is CC-DC-04, a schedule question and not a defect.
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},
"_notes": "Commissioned 10 MW in three halls; permitted phase 2 adds 2.5 MW. Utility feed 15 MW per the Arroyo Power capacity agreement — covers full build-out at design PUE (12,500 kW x 1.25 = 15,625 kW is the future check, not today's). Measured PUE 1.32 on the T-12, within 15% of the 1.25 design.",
"critical_it_load_kw": 10000,
"planned_it_load_kw": 12500,
"contracted_it_load_kw": 11000,
"utility_feed_kw": 15000,
"design_pue": 1.25,
"measured_pue": 1.32,
"redundancy": "n_plus_1",
"raised_floor_sf": 60000,
"design_density_kw_per_rack": 12.5
}Power Economics
Metered pass-through: tenants pay their own metered power at cost, so the landlord earns no power margin, power_margin is null, and the landlord's power cost is zero (RFC 0103). No metered facility total is carried; the operator's stated average draw of 65% of contracted load, at the trailing measured PUE of 1.32, gives the facility's annual energy. Full draw is never assumed.
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},
"utility_rate_per_kwh": 0.08,
"billing": "metered_pass_through",
"power_margin": null,
"stated_annual_power_cost": null,
"metered_annual_kwh": null,
"draw_factor": 0.65
}Revenue
Weighted-average contracted rent of $150/kW-month on the 11,000 kW contracted, against a $187.50 comp set — a 25% mark-to-market (market above in-place: upside at the anchor's 2029 roll), which is what fires CC-DC-07.
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},
"lease_type": "wholesale_turnkey",
"rent_per_kw_month": 150,
"interconnection_revenue_annual": 660000,
"services_revenue_annual": 264000,
"market_rent_per_kw_month": 187.5
}Validation
Financial-validity engine run over the sections above.
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"overall_status": "warnings",
"financial_validity": [],
"completeness": [],
"cross_section_consistency": [
{
"flag_id": "CC-DC-04",
"sections_involved": ["dc_capacity"],
"description": "Contracted load exceeds commissioned load — pre-leased phases; confirm the delivery schedule and any rent-commencement gaps.",
"severity": "warning",
"field_a": { "section": "dc_capacity", "field": "contracted_it_load_kw", "value": 11000 },
"field_b": { "section": "dc_capacity", "field": "critical_it_load_kw", "value": 10000 },
"variance": null
},
{
"flag_id": "CC-DC-07",
"sections_involved": ["dc_revenue"],
"description": "Contracted rent more than 15% below market — verify the comp set or the lease vintage.",
"severity": "warning",
"field_a": { "section": "dc_revenue", "field": "rent_per_kw_month", "value": 150 },
"field_b": { "section": "dc_revenue", "field": "market_rent_per_kw_month", "value": 187.5 },
"variance": null
}
]
}