Wavve Telecommunications Gets New Lease on Life From Capital Lease Funding

SACRAMENTO-Locally based Wavve Telecommunications Inc has found a friend in Capital Lease Lending. In January, the credit tenant lender from New York City handed Wavve $35 million in financing to keep its boat afloat. In trade, Capital Lease Lending receives ownership in the company’s new Internet data center here and a stake in a joint venture that will acquire and build out 650,000 sf of Internet data centers throughout the United States for credit-worthy tenants.

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.