Cloud Capital has closed a $520 million asset-backed securities deal tied to a single hyperscale data center in Northern Virginia. What’s turning heads in the industry, though, is the structure behind it: the company is calling it the first programmatic data center ABS Master Trust built around a core joint venture. Three major rating agencies, Fitch, Morningstar DBRS, and Kroll Bond Rating Agency, all assigned it AAA ratings, the first time a data center ABS deal has pulled that off across all three. According to Cloud Capital, the deal priced at the tightest spread for a data center ABS transaction since the Middle East conflict began earlier this year. The financing runs through the newly formed Cloud Capital ABS Master Trust, which backs the firm’s stabilized Core Joint Venture strategy, a partnership that includes Realty Income and an unnamed global institutional investor.