Data center financing is not commercial real estate financing with servers. It's infrastructure financing with real estate as a component. The capital structures, underwriting criteria, and lender universe are fundamentally different — and in 2026, water rights and power capacity are often more important than the building itself. This guide walks through how lenders underwrite hyperscale, colocation, and edge data center projects, what capital structures work for each phase, and why water efficiency is now a primary underwriting factor.
The Bottom Line
Data center financing in 2026 is infrastructure financing, not real estate financing. Lenders underwrite power capacity, water rights, tenant credit, and absorption timelines — not just the building. The capital structure must match the project phase, and the permanent financing exit must be planned before construction starts. Water efficiency is no longer optional — it's a primary underwriting factor that affects both loan approval and pricing.