The New York Times/Redux
The mezzanine debt deal backs a 2,900-acre campus in Hubbard, Texas, where Anthropic will be the primary tenant alongside its own gas-fired power plant.
Eagle Point Credit Management is lending roughly $1.3 billion in mezzanine debt to finance an AI data center campus in Hubbard, Texas, with Anthropic signed on as the facility’s anchor tenant. The loan is one slice of a much larger financing package totaling approximately $16 billion.
The campus, developed by Nexus Data Centers through its affiliate Nexus Apex Holdings, spans about 2,900 acres and will include its own behind-the-meter gas-fired power generation. First-phase permits cover roughly 491,000 square feet of high-density computing facilities, with plans to scale to multi-gigawatt capacity over time.
How the deal came together #
Eagle Point’s involvement with Nexus dates back to at least September 2025, when it provided smaller senior secured loans tied to land acquisition for the Hubbard site. A second round of senior secured credit facilities closed with Nexus Apex Holdings on March 12, 2026, with earlier facilities priced at three-month SOFR plus 11%.
The $1.3 billion mezzanine tranche announced in August 2026 positions Eagle Point as a leading investor in what has become one of the largest single-site data center financings in the country.
The bigger picture: $16 billion and counting #
Eagle Point’s contribution is substantial on its own, but it’s a fraction of the project’s total capital needs. Reports from July 2026 indicated that a separate bank-led financing package of approximately $15 billion was in advanced discussions, with Morgan Stanley leading a consortium of lenders. Google was reportedly in talks to provide guarantees related to power and lease agreements, and may take an equity stake in the project.
Google’s potential involvement adds an interesting wrinkle. The search giant already operates one of the world’s largest data center networks and has been an investor in Anthropic, making its role as a guarantor a natural extension of existing relationships.
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