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Lowell A. Citron

Partner
Chair, Debt Finance

New York
T: +1 646.414.6819 F: +1 973.422.6809 lcitron@lowenstein.com
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  • EXPERIENCE
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From billion-dollar data center builds powering the AI revolution to complex leveraged buyouts and high-stakes restructurings, Lowell A. Citron operates at the intersection of finance and innovation. As Chair of Lowenstein Sandler's Debt Finance group and a key member of the firm's Data Centers & Digital Infrastructure practice, Lowell represents financial institutions, private equity sponsors, corporate borrowers, and large operating companies across the full spectrum of complex financing transactions, bringing a pragmatic, business-first approach grounded in a deep understanding of finance and economics.

Lowell has built a reputation for structuring innovative financing solutions that drive his clients' strategic and commercial objectives forward. His diverse client base spans hedge funds, private equity firms, commercial and investment banks, private lenders, digital infrastructure companies, REITs, specialty finance companies, and Fortune 500 corporations. He regularly advises on leveraged buyouts, recapitalizations, asset-based and cash flow financings, convertible debt structures, senior secured credit facilities, Term B loans, high-yield bond offerings, mezzanine and unitranche financings, debtor-in-possession loans, and complex workout and restructuring matters.

Lowell is at the forefront of two rapidly evolving areas of finance. He has developed a significant practice in data center and digital infrastructure financings, advising on complex transactions that balance construction timelines, equipment procurement, interconnection risk, and long development cycles. In this space, he is skilled in structuring and negotiating innovative financing solutions across the capital stack, helping sponsors and operators scale efficiently while preserving the flexibility these capital-intensive projects demand. He also advises on emerging areas of digital finance, including crypto lending and digital asset-backed credit facilities, and is a published thought leader on the legal frameworks governing secured transactions in digital assets.

He serves on several of the firm's strategic planning committees, contributing to long-term vision and growth initiatives. Outside of the office, Lowell brings the same energy and discipline to his personal pursuits. A lifelong athlete, coach, and sports official, he was inducted into the Nassau County High School Athletics Hall of Fame in 2025 and has been an active football official since 2003. When he's not closing deals or on the field, Lowell can be found working out at the gym, golfing, hiking, mountain biking, and enjoying the outdoors with his family.

Representative areas of focus include:

  • Leveraged acquisition financings
  • Asset-based and cash flow financings
  • Second lien and unitranche financings
  • Mezzanine and convertible debt financings
  • High-yield bond offerings
  • Data center and digital infrastructure financings
  • Debtor-in-possession and exit financings
  • Bank workout and restructuring transactions
  • Trade finance and factoring arrangements
  • Crypto lending and digital asset-backed financings

Data Centers & Digital Infrastructure Financings

  • Represented Applied Digital Corporation (Nasdaq: APLD), a designer, builder, and operator of next-generation digital infrastructure for HPC and AI workloads, in a development loan facility with Macquarie Group to fund pre-lease development costs for new data center projects.
  • Represented Applied Digital (Nasdaq: APLD) in the pricing by its subsidiary APLD ComputeCo LLC of a $2.35 billion private offering of 9.25% senior secured notes due 2030 to qualified institutional buyers pursuant to Rule 144A.
  • Represented Applied Digital (Nasdaq: APLD) in the closing of three long-term lease agreements with CoreWeave (Nasdaq: CRWV) for AI data centers at Applied Digital's Polaris Forge 1 campus in Ellendale, North Dakota, expected to generate roughly $11 billion in rental revenue over an approximately 15-year term.
  • Represented Applied Digital (Nasdaq: APLD) in closing a $375 million construction financing with SMBC to support its Ellendale HPC Campus.
  • Represented Applied Digital (Nasdaq: APLD) in an agreement to enter into a $5 billion perpetual preferred equity financing facility with Macquarie Asset Management for its HPC business, including draws of nearly $900 million to support Polaris Forge 1 and Polaris Forge 2 development.
  • Represented Applied Digital (Nasdaq: APLD) in a $150 million convertible preferred equity facility to advance the development of its Ellendale multi-building HPC data center campus.
  • Represented Applied Digital (Nasdaq: APLD) in closing a $375 million bridge loan financing with Sumitomo Mitsui Banking Corporation through its HPC subsidiary APLD HPC Holdings LLC.
  • Represented Applied Digital (Nasdaq: APLD) in a private offering of convertible notes in the aggregate principal amount of $450 million.
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Education

  • Fordham University School of Law (J.D. 1994), cum laude; Order of the Coif

    State University of New York at Binghamton (B.A. 1991), Economics, with honors

Affiliations

  • Nassau County High School Athletics Hall of Fame
    • 2025 Inductee

Admissions

  • New York

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