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KELVOS
From interesting to investable
Kelvos’s Crucible — Submission Snapshot
Harrow Street Infrastructure Partners — development-stage mandate
$150M discretionary mandate for development-stage data center equity: build-to-suit projects of 20–60 MW, Midwest and Mid-Atlantic, 5–7 year hold, exi…
STR-ATL-CRU-C009 · Harrow Street Infrastructure Partners · Prepared Sep 22
Released snapshot — dual-approved by both founders
Profile Type
Capital
Marketplace side
Tier
Advances
Qualification verdict
Engagement path
Mode
Development-stage entry CONFIRMED · STEP 1
Listing Active Through
Dec 2026
Assessment current until
Assessment
Where this profile sits.

A $150M discretionary mandate for development-stage data center equity: 20–60 MW build-to-suit projects in the Midwest and Mid-Atlantic, five-to-seven-year hold with exit at stabilization, tickets of $30–75M. Commitment requires a creditworthy anchor tenant, a site with its interconnection study complete, and a general contractor with a GMP. Two 2027 commitments are targeted.

Strengths
What’s credibly strong.
  • Discretionary capital with a monthly committee and stated ticket size is executable, not aspirational
  • The three commitment conditions (anchor, study-complete site, GMP) are exactly the documents a qualified deal produces
  • Geography and size band overlap the most active part of the current pipeline
Data Completeness
Submission completeness and evidence coverage.
100%SUBMISSION
COMPLETENESS
55%EVIDENCE
COVERAGE

Submission completeness — fields provided at intake. Add data anytime, in any format.

Evidence coverage — rises as the numbered items in Top Gaps below close — each shows what closing it adds.

Materials on file: Harrow_Street_Mandate_Summary_2026.pdf

Top Gaps
What’s between here and a higher tier.
These are the highest-leverage items to close — closing any one refreshes the assessment.
  • 1Fund closing status and dry powder are not stated; the $150M is described as a mandate, not a closed vehicle +15 pts on closure
  • 2No target return, leverage posture, or minimum tenant credit rating is given +15 pts on closure
  • 3Co-investment appetite and preferred structure (JV, preferred equity, common) are not described +15 pts on closure

Recommended next step: State the return target, leverage posture, and minimum tenant credit so matched projects can be screened against the mandate before committee.

Positioning
Where this profile sits.
Phase
Advances
State the return target, leverage posture, and minimum tenant credit so matched projects can be screened against the mandate before committee.
Profile Strengths
Discretionary capital with a monthly committee and stated ticket size is executable, not aspirational
Discretionary capital with a monthly committee and stated ticket size is executable, not aspirational · The three commitment conditions (anchor, study-complete site, GMP) are exactly the documents a qualified deal produces · Geography and size band overlap the most active part of the current pipeline
Market Snapshot
The market this profile sits in.
vacancy
Primary Ohio and Northern Virginia markets remain effectively pre-leased for 2027 delivery; new capacity is being committed before shell completion, and secondary Midwest markets are absorbing the overflow.
State of the Market · stamped refresh
lease
Wholesale rates for 2027–2028 delivery in Ohio and Virginia are being quoted well above the prior cycle, with annual escalators standard and term length driving the spread between build-to-suit and powered-shell pricing.
State of the Market · stamped refresh
constr
All-in construction cost per megawatt continues to rise on electrical-gear lead times and labor; general contractors are holding GMP validity to shorter windows and pricing schedule risk explicitly.
State of the Market · stamped refresh
power
Ohio industrial tariffs remain below Northern Virginia; both utilities have large-load tariff proceedings under way that will set minimum-take and collateral terms for new interconnections.
State of the Market · stamped refresh
Relevant Market Activity
Development-stage equity is active for anchored projects this quarter and stabilized buyers are pricing on tenant credit, which supports the mandate’s stated exit at stabilization.
How this bears on your position is scoped in a Step 1 engagement.
Crucible Signals
What Kelvos’s Crucible shows you.
Read it simply: green = strong means ready-now overlap with your profile, amber = moderate means workable overlap, red = emerging means early signals worth watching. Every snapshot reveals signals from the other two sides of the marketplace only.
Supply Signal
51
Qualified sites and powered land in the active portfolio. Counts only here. Named counterparties and match strength come with Step 2 · Match; matched parties see each other’s name and profile, and contact details release only on that party’s consent.Crucible at time of processing (Sep 22)Qualified profiles51Score bandsAdvances 1 · MID 28 · LOW 16 · HIGH 6
Demand Signal
31
Qualified capacity requirements in the active portfolio. Counts only here. Named counterparties and match strength come with Step 2 · Match; matched parties see each other’s name and profile, and contact details release only on that party’s consent.Crucible at time of processing (Sep 22)Qualified profiles31Score bandsAdvances 1 · MID 22 · LOW 3 · HIGH 5
Where This Sits
The pipeline, and where this profile is in it.
01234

Step 0 — this free snapshot — is complete. Steps 1–4 are sequential paid engagements; each builds on the record of the one before it.

Engagement Options
Four ways to advance from here.
Step 1 — Qualify
From $3K

The decision, every checkpoint with evidence, gap plans with owners, where you sit in the marketplace.

Step 2 — Match
From $8K

Every match named and profiled by completeness, the full census, what drove each score, contact released on consent.

Step 3 — Model
Coming spring 2027

Vendor-validated economics: costs, returns, sensitivities.

Step 4 — Package
Coming spring 2027

Positioning materials per matched counterparty.

Ready when you are

This snapshot is yours to keep, update, or withdraw. When you’re ready to advance, Step 1 turns it into a full, evidenced qualification.

info@kelvos.org · kelvos.org

Important Disclosures

Test Build. This snapshot was produced in a pre-launch test environment using dummy and sanitized data. It does not represent an actual submission to or assessment by Kelvos.

Not a Broker-Dealer or Investment Advisor. Kelvos is not a registered broker-dealer, investment advisor, or securities firm. Information provided is for informational purposes only and does not constitute investment advice. Kelvos does not provide investment recommendations, solicit securities transactions, or receive compensation contingent on the closing of any specific transaction.

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Analytical Service Only. Kelvos provides analytical work product on commercial real estate, demand requirements, and investment mandates. Kelvos does not facilitate introductions, negotiate transactions, or represent any party in any deal. Customers engage identified counterparties independently using their own business judgment.

Not Individualized Investment Advice. Outputs are not individualized investment advice. They are not based on any person’s specific portfolio, financial capacity, or financial needs — they are based solely on real property and infrastructure capacity data, which is subject to market variations, economic conditions, and regulatory developments outside Kelvos’s control.

Independent Professional Advice. This profile is not a substitute for independent professional advice. Recipients should consult their own legal, financial, and tax advisers before making any investment, financing, or transactional decision based on any output from Kelvos.

Data Confidentiality. All submitted data is treated as confidential. No identifying information is shared without explicit consent. Removal and deletion are available at any time at the submitter’s request.

STR-ATL-CRU-C009Kelvos · From interesting to investable