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Data Centers On The Moon!!!

Data Centers On The Moon!!!

Intuitive Machines' and Lonestar Data attempted to land a small data center on the moon

Arthur Lionheart
March 07, 2025

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Good Morning!

We got data centers on the moon before GTA VI!!! New jobs came in slightly below expectations but still positive, Boston life science sector continues to see vacancy rise, and New York City government is tackling its office vacancy problem issuing an RFP for an office-to-residential conversion

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Capital Markets

Headlines

Data Centers In Space!!!
Intuitive Machines and Lonestar Data attempted to land a 15-foot tall Athena spacecraft carrying a small “data center” on the lunar surface yesterday. The landing had complications, and 'Athena' is believed to be incorrectly oriented. Lonestar sent an 8TB SSD and a single Microchip PolaFire SoC FPGA, which the company will use to test the concept of lunar data centers and see how storage behaves on the surface
U.S. Payroll Grows By Less Than Expected
Nonfarm payrolls increased by a seasonally adjusted 151,000 in February, better than the 125,000 in January, but less than the 170,000 consensus forecast. Hourly earnings rose by 0.3%, with annual amount growing by 4.0%, below the 4.2% estimate
U.S. YoY Wage Growth
Boston Metro Life Science Vacancy Above 25%
Boston’s total availability rate was 26.9% in Q4 2024, 10% higher than a year ago. New deliveries totaling over 1mm SF hit the market in Q4. Over 15mm SF remain available with 213K SF of negative net absorption for the year. VC/Pre-IPO funding in the Massachusetts area remains well below 2021 highs
NYC Issues RFP For The Office-To-Residential Conversion Of 100 Gold St
The New York City Economic Development Corporation issued an RFP on Thursday to redevelop a 100 Gold St. a 95K SF city-owned site into a significant mixed-income residential building, expected to provide more than 1,000 mixed-income units with a minimum of 25% required to be affordable

Deals Deals Deals

Sales

Multifamily: Rise48 acquired Stone Gate Apartments, a 144-unit multifamily property in Raleigh, NC, for $25mm from Highlands Ranch
Multifamily: FCP, BMC Investments, and The RMR Group acquire ARIUM Sunrise, a 400-unit multifamily community in Sunrise, FL, for $90mm. Wells Fargo provided a $74mm acquisition loan
Multifamily: JDL Development, LLC and Centaur Capital Partners acquire Cobbler Square, a 292-unit apartment community in Chicago, IL’s Old Town neighborhood, for $88mm
Office: Lionstone Investments sold 100 M Street SE, a 225K SF property in D.C., to Onward Investors for $54mm. The asset last traded for $80mm in 2014
Medical Office: Hammes Partners acquires Tosa Health Center, a 101K SF medical office building in Wauwatosa, WI. The was fully leased to the Medical College of Wisconsin
Student Housing: A JV between Barings and Article Student Living acquired 5 Twenty Four and 5 Twenty Five Angliana, a 376-unit, 1,060-bed student housing property in Lexington, KY serving the University of Kentucky, from LivCor

Debt

Data Centers: CIM Group and Novva Data Centers secured $2bn in financing from J.P. Morgan and Starwood Property Trust for a 1mm SF, 175MW data center campus in West Jordan, UT
Multifamily: Fernonr Homes secured a $34mm loan from Dwight Mortgage Trust to refinance Mi-Place at Brightmoor, a garden-style apartment community in Sickerville, NJ
Multifamily: Myneni Properties secured $65mm in construction financing from Bravo Property Trust to build a 15-story multifamily development in Jersey City, NJ
Office: A JV between A.M. Property Corporation and Northeast Capital Group secured a $133mm loan from Deutsche Bank and Urban Standard to refinance The Link office complex in Stamford, CT

Developments

Multifamily: A JV between BXP, CrossHarbor Capital, and Albanese Organization to development 290 Coles Street, a $400mm, 670-unit apartment building in Jersey City, NJ.. The project is expected to be completed by March 2028.
Multifamily: Tricon Residential Inc. and Foremost Pacific Group broke ground on Tricon Corona, a 38 single-family rental home project in the California’s Inland Empire.
Student Housing: Up Campus Living to develop Blume on Ivy, a 641-bed luxury student housing community serving University of Virginia
Student Housing: Balfour Beatty Campus Solutions selected to develop a $145mm, 1,070-bed student housing project at The University of Texas at Austin. The project is expected to open in fall of 2027

Distress

Retail: Brookfield Properties extended its $505mm loan on Natick Mall, a 1.6mm SF mall in Natick, MA, through late 2026. The loan was originally originated with Bank of America and had been transferred to special servicing last fall before hitting maturity