Wavve is funding the estimated $250-million project through Capital Lease Funding's proprietary construction-permanent credit tenant lease financing. Wavve's new "ZeroCap" program will offer Internet service providers, telecom carriers and corporate clients access to high-end operating systems without the requirement for up-front capital investment.

Utilizing this program, the partnership recently completed a 92,000-sf, $48-million data center in Sacramento. The as yet unnamed anchor tenant in this case utilized the program to private-label the data center under its own brand name and will occupy 30,000 sf for 10 years.

Wavve president and COO Bob Ingraham says as long as these potential anchor customers are rated at least BBB or better and commit to 20,000 sf for at least 10 years, Wavve will work with them to either locate and build new data center sites, or buy and execute a sale-leaseback of their existing data centers.