1025 Old Country Road Announces $14 Million Growth Financing
Funds to be used to fortify 1025Connect Meet-Me Room infrastructure, power, and cooling capacity.
1025 Old Country Road (1025 OCR), has announced the closing of a $14 million senior secured credit facility. The 200,000 sq-ft building located in Westbury, New York is the home of 1025Connect, Long Island’s premier network-neutral Meet-Me Room for network interconnection and colocation. The new capital will be focused on major enhancements to the building’s network and supporting infrastructure, including significant expansion of its data center and Meet-Me Room footprints, as well as power and cooling capacity, which is being driven by strong customer demand.
“We are seeing strong demand for our interconnection facility that offers unmatched international carrier connectivity and a unique bypass alternative to New York City,” comments Jeff Wasserman, owner of 1025 Old Country Road and Chairman of 1025Connect. “This infusion of new capital will support our ability to build inventory and increase capabilities to meet burgeoning customer demand. We will continue to invest in our core infrastructure in order to enhance our platform going forward.”
Situated at one of the most eastern points of the United States, on the ‘Continental Edge,’ 1025Connect delivers direct access to multiple submarine cable systems connecting multiple continents, as well as the ability to bypass Manhattan via terrestrial fiber routes for greater network redundancy and diversity. The growth capital provided through this transaction was required to meet the needs of the multiple network operators already available in the facility, including transatlantic subsea cable systems, metro and regional dark fiber, and transport networks as well as supporting the expansion of new North American, European and Latin American networks coming to the facility.
The senior secured debt financing was arranged by Meridian Capital Group, one of the nation’s largest commercial real estate finance and advisory firms. Bank Street Group, a private investment banking firm serving growth companies in the communications, media and technology sector, serves as exclusive financial advisor to 1025Connect in connection with its financial and strategic initiatives.